The Trump administration said on ​Friday it expects early deliveries of ‌oil from the U.S. strategic petroleum reserve to reach the market by the end ​of next week as part of ​an effort to combat the energy price ⁠spike since the start of the Iran ​war.

The oil will be released in ​the form of loans that companies will return with extra barrels as a premium, the U.S. ​Energy Department said in a statement. ​This system was meant to stabilize markets "at no cost ‌to ⁠American taxpayers," it said.

The Energy Department said it had requested companies to bid for 86 million barrels of crude ​oil, which ​will be ⁠the first from the release of 172 million barrels that Washington ​announced this week.

The U.S. effort ​is ⁠part of a broader release of 400 million barrels of oil agreed to by the ⁠32-nation ​International Energy Agency on ​Wednesday.