Think of the Strategic Petroleum Reserve as America's giant underground oil piggy bank. And right now, the government is opening it up for another loan. The U.S. Energy Department says it plans to lend as much as 10 million barrels of crude from its Bryan Mound site in Texas.

They're taking proposals from companies until 11 a.m. Central Time on April 6. But this isn't just a solo move. It's part of a much bigger, coordinated effort with 31 other countries through the International Energy Agency (IEA) to release a whopping 400 million barrels from various national stockpiles. The goal? To try and take some pressure off global oil supplies, which have been squeezed tight by the ongoing war in Iran.

Here's how the loan works: a company takes the oil now, and later, it has to give it back. Plus, it has to return some extra barrels as a kind of interest payment or premium. Kyle Haustveit, the Energy Department's assistant secretary for hydrocarbons, pitched this as a neat trick that helps steady the market while, in his words, being "at no cost to American taxpayers."

This latest offer follows the first actual shipments of crude from the SPR as part of a separate, targeted 172-million-barrel emergency drawdown. That process kicked off on March 21, when the DOE handed out contracts to eight companies for 45.2 million barrels of oil from storage sites in Texas and Louisiana.

Back in March, the IEA announced its record 400-million-barrel release. You'd think that much oil hitting the market would make a dent. But the market's reaction has been a collective shrug, and prices have kept marching higher.

Why isn't it working? Analysts at Goldman Sachs (GS) crunched the numbers. They figure that even if you release 400 million barrels at a breakneck pace of 2 to 2.5 million per day, you're still looking at a daily supply shortfall of over 10 million barrels while the Strait of Hormuz—a critical shipping chokepoint—remains closed. In other words, this massive release represents about 160 days of a sustained drawdown, not a sudden flood of new supply. It's more of a slow drip than a tidal wave.

The price action tells the story. At 4:55 AM ET, Brent crude oil was trading 7.47% higher at $108.72 per barrel. After a brief pause, prices jumped again after President Donald Trump stated on Wednesday that military operations in Iran would continue for another two to three weeks. So, for now, the world's emergency oil reserves are being tapped, but the market is betting that won't be enough to fix the underlying problem.