Stocks Market
Trump Vows Rapid Action to Counter Oil Price Surge Amid Middle East Conflict
President Donald Trump announced Thursday that the White House will roll out new measures to ease the pressure on oil markets as the war in the Middle East pushes crude prices to near‑two‑year highs. U.S. gasoline prices have already jumped about 9 % to $3.25 a gallon, prompting the president to propose naval escorts for tankers and affordable insurance for vessels navigating the troubled Gulf. The move comes as Brent crude breached $87 a barrel and WTI reached its highest level in eight months, while OPEC+ signaled a larger-than‑expected production boost in response to the escalating geopolitical tension.
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Trump Announces Immediate Steps to Tame Oil Prices
President Donald Trump told reporters on Thursday that the White House is preparing “new measures to ease the pressure on oil” as the war in the Middle East pushes global crude prices to their highest levels in almost two years.
U.S. pump prices have already reacted. According to the American Automobile Association (AAA), the average cost of a gallon of gasoline climbed to $3.25 on Friday, up from $2.98 a week earlier – a jump of roughly 9 percent.
Proposed Actions
- The U.S. Navy could begin escorting oil tankers through the Gulf of Oman and the Strait of Hormuz “if needed.”
- The administration is preparing to offer “very reasonably priced” insurance to vessels operating in the region, after major insurers pulled back coverage because of war‑related risks.
Trump previously claimed he could secure gasoline for Americans at less than $2 per gallon, a promise that now faces heightened scrutiny.
Related Market Highlights
- Brent crude surpassed $87 a barrel, on track for its strongest weekly gain since 2022.
- WTI oil reached an eight‑month high amid the geopolitical tension.
- OPEC+ announced a larger‑than‑expected output increase in response to the Iran‑related conflict.