The Trump administration is considering a range of options to counter rising oil and gasoline prices amid the war in Iran, Interior Secretary Doug Burgum said Thursday, emphasizing that “everything is being considered,” from near-term interventions to longer-term strategies.
President Trump met with Burgum and senior advisers before announcing plans to provide insurance guarantees and naval escorts for ships transiting the Strait of Hormuz, a critical chokepoint for global oil shipments. The initiative is intended to protect tanker traffic as escalating regional tensions threaten to disrupt supply.
Officials are also evaluating a potential release of crude oil from the Strategic Petroleum Reserve, possibly in coordination with other countries to increase the move’s impact on global markets. No final decision has been reached.
