Trump Reviews Options to Curb Oil Prices Amid Iran War
Analysis based on 7 articles · First reported Mar 09, 2026 · Last updated Mar 09, 2026
The surge in Petroleum prices, driven by the Iran war and disruptions in the Strait of Hormuz, is expected to negatively impact US businesses and consumers. The United States===White House's efforts to stabilize prices, including potential strategic reserve releases, aim to mitigate broader economic fallout and inflation.
US President Donald Trump is reviewing options to curb surging oil prices, which have exceeded $100 a barrel due to the ongoing Iran war and disruptions in the Strait of Hormuz. The United States===White House is concerned about the economic impact on US businesses and consumers ahead of the November midterm elections. Options under consideration include a joint release of crude oil from strategic reserves with the G7, restricting US exports, intervening in oil futures markets, waiving federal taxes, and lifting requirements under the Merchant Marine Act of 1920. Analysts, however, suggest that these measures may have limited effect unless the flow of tankers through the Strait of Hormuz is restored. Global crude oil prices have reached levels not seen since mid-2022, briefly touching $119 a barrel, leading to increased gasoline and fuel costs since US and Israeli strikes began on February 28. Top United States===White House officials, including Susie Wiles and Stephen Miller, are involved in these deliberations.
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