Trump Administration Weighs Options to Curb Oil Prices Amid Iran War Concerns
As the conflict in Iran continues to escalate, the Trump administration is actively exploring a range of measures to mitigate the impact of rising oil prices on U.S. Businesses and consumers. The surge in crude oil prices, exceeding $100 a barrel, poses a significant challenge ahead of the November midterm elections, where Republicans aim to maintain control of Congress.
White House Response and Potential Measures
According to sources familiar with the matter, President Trump is scheduled to review potential strategies as early as Monday to address the oil price spike. Discussions within the administration include a possible coordinated release of crude oil from strategic reserves with other Group of Seven (G7) nations. Other options under consideration encompass restricting U.S. Exports, intervening in oil futures markets, waiving certain federal taxes, and temporarily lifting requirements of the Jones Act, which mandates that domestic fuel be transported on U.S.-flagged ships. Barron’s reported on these deliberations.
The administration is also engaging in diplomatic efforts with Gulf allies to encourage increased oil production and shipping. White House spokesperson Taylor Rogers stated that the administration has a “strong game plan” to maintain energy market stability, which was in place even before the commencement of military operations targeting Iran, referred to as “Operation Epic Fury.”
Trump Downplays Price Surge
Despite the concerns, President Trump has publicly downplayed the significance of the price increase, asserting on his social media platform, Truth Social, that the surge will be temporary and represents a “very small price to pay for U.S.A.” He dismissed those who view it differently as “fools.”
Impact on Midterm Elections and the Economy
The timing of the oil price surge is particularly sensitive, as the November midterm elections approach. Rising fuel costs could have a ripple effect throughout the economy, increasing transportation and consumer prices. CNBC highlights that the elections will determine whether Democrats can regain control of Congress and potentially check President Trump’s power during his final two years in office.
Analysts suggest that the White House’s policy options may have limited impact on global oil markets unless the flow of tankers through the Strait of Hormuz, a critical waterway for oil exports, can be restored. A plan to provide naval escorts and insurance for tankers has not yet significantly increased shipping traffic through the strait. Reuters reported on the challenges in restoring shipping traffic.
Public Opinion and Political Implications
The war in Iran is unpopular with the American public, coinciding with a 61% disapproval rating of President Trump’s economic management. The Modern York Times notes that Democrats are capitalizing on the situation, criticizing the Trump administration and Republicans for initiating a conflict that could exacerbate cost-of-living concerns.
As of March 10, 2026, U.S. Crude oil is trading above $90 per barrel, a significant increase from $67 per barrel before the outbreak of the war.