The sharp rise in global crude oil prices triggered by the escalating conflict involving Iran is pushing the White House to consider emergency measures aimed at preventing a surge in fuel prices across the United States. With benchmark oil prices crossing the $100 per barrel mark, President Donald Trump is expected to review several policy options designed to ease the pressure on consumers and businesses.
The discussions come at a politically sensitive time, as rising fuel costs could contribute to broader inflation concerns ahead of the upcoming midterm elections. With Republican Party leaders seeking to retain their majority in Congress, the administration is exploring ways to stabilise energy markets as geopolitical tensions intensify.
One of the key options being considered is a coordinated release of crude oil from the Strategic Petroleum Reserve, potentially in collaboration with other members of the Group of Seven. Such a move could inject additional supply into global markets and help reduce price volatility.
Officials familiar with the discussions say the administration is also examining other measures, including limiting US crude exports, intervening in oil futures markets, temporarily suspending certain federal fuel taxes, and easing restrictions under the Jones Act, which requires shipments between US ports to be carried on American-flagged vessels.
Last week, the White House asked federal agencies to prepare policy proposals aimed at reducing pressure on crude and gasoline prices. Senior officials involved in the discussions reportedly include White House Chief of Staff Susie Wiles and senior adviser Stephen Miller.
Energy markets have been volatile since the United States and Israel launched military strikes on Iranian targets on February 28 in an operation described by the administration as Operation Epic Fury.
The escalation has pushed global oil prices to levels last seen in mid-2022, with crude briefly approaching $119 per barrel. The surge has already started affecting gasoline and fuel costs, raising concerns about its potential economic impact both in the United States and globally.
White House spokesperson Taylor Rogers said the administration is closely coordinating with multiple government agencies to address the situation.
“The White House is in constant coordination with the relevant agencies on this important issue, as it remains a top priority for the president. President Trump and his energy team had already developed a strong strategy to stabilise energy markets well before Operation Epic Fury began, and they will continue reviewing all credible options,” Rogers said.
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