Oil Falls as SPR Release Boosts Supply

2026-09-29 17:20 By Isabela Couto 1 min. read

Crude oil fell toward $89 a barrel on Tuesday after the US ordered another release from its emergency reserves and as Saudi Arabia’s crude exports recover.

The US will offer up to 40 million barrels from the SPR in an exchange, effectively a loan that companies repay with interest.

The Energy Department said the program will ultimately return about 200 million barrels to the reserve over the next year, roughly 20% more than the amount released.

Bids for the SPR release are due October 6th.

Energy Secretary Wright has signaled that another drawdown is unlikely.

The SPR is projected to fall to its lowest level since 1982 once the latest release is completed.

Meanwhile, Saudi Arabia boosted flows through its key pipeline, reportedly restoring about half of its capacity following drone attacks.

A steady flow of crude also appears to be moving through the Hormuz on vessels transiting covertly.

US and Iranian officials have reportedly held separate indirect talks with mediators on Monday.



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