The US government has loaned oil from the Strategic Petroleum Reserve (SPR) to mitigate potential supply disruptions stemming from escalating tensions in the Middle East, particularly concerning Iran. Iran's rejection of a temporary ceasefire and proposal for a new Hormuz protocol suggest prolonged instability, potentially impacting global oil prices. A ceasefire in Lebanon, brokered by the US, offers a temporary respite, but regional volatility remains a key concern for energy markets.

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