Oil prices surge as Trump team readies to "mitigate" costs
· Axios
Crude oil prices are at their highest levels since the military campaign against Iran after climbing again overnight and Tuesday morning.
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Why it matters: The latest rise — and how it ripples through consumer prices — raises the stakes of Trump officials' upcoming plans to address costs.
The latest: The Energy and Treasury Departments will begin rolling out new efforts Tuesday to address energy price increases from the Iran conflict, Secretary of State Marco Rubio said.
- "We anticipated this could be an issue," he told reporters in the Capitol. He didn't offer details but said it's designed to "mitigate against" the price impact.
State of play: The U.S. doesn't have immediate plans to release oil from the Strategic Petroleum Reserve, Bloomberg reports.
- But ING analysts said in a note: "The longer the Middle East disruptions last, the more likely we are to see coordinated emergency releases from several countries."
The intrigue: The White House provided no details on the plans that Rubio said will start emerging Tuesday.
- Oil analyst Rory Johnston posted on X that Trump's options would include an SPR release, gas tax holiday, and easing restrictions on Russia.
By the numbers: The global benchmark Brent crude is trading at roughly $83 Tuesday morning, up over $10 per barrel since last week.
- U.S. regular gasoline prices are averaging $3.11 per gallon Tuesday after beginning the week just under $3, per AAA.
Zoom out: Tankers avoiding the Strait of Hormuz are pushing up prices, and so are fresh signs of the conflict widening to energy-related infrastructure.
- "On Tuesday, a fuel tank at Oman's Duqm commercial port was hit and a fire broke out at the United Arab Emirates' Fujairah, one of the key regional oil hubs," Reuters reports in a wider, helpful look at what's been damaged.
What we're watching: President Trump is scheduled to meet Tuesday afternoon with Energy Secretary Chris Wright and Treasury Secretary Scott Bessent.
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