The Trump administration says it is seeking to loan up to 92.5 million barrels of crude from the Strategic Petroleum Reserve (SPR) to energy companies as it aims to calm oil markets that have spiked due to the war with Iran, Reuters reports.

The US agreed in March to loan 172 million barrels from the SPR as part of a wider agreement with more than 30 countries in the International Energy Agency (IEA) to release about 400 million barrels to help relieve markets.

Until today, the US has offered 126 million barrels of crude in three batches, but oil companies have taken less than 80 million barrels or about 63 per cent of what was offered.

The new offer, if all of it is taken by oil companies, would fulfil the US goal to loan 172 million barrels.