White House Considers Measures Amid Rising Oil Prices Due to Iran Conflict

Senior White House aides and government officials are discussing the potential for oil prices to soar to $150 per barrel or higher as the conflict in Iran enters its second month. According to Odaily, two industry officials with ties to the White House indicated that officials are assessing the economic impact of high oil prices and considering measures, including the use of additional emergency powers, to reduce costs. U.S. President Donald Trump has been briefed by the Treasury Department on the short-term outlook for energy prices. The department currently believes that oil prices may remain above $100 per barrel for some time. Informed sources suggest the government views this figure as a 'baseline' and does not rule out the possibility of prices reaching $200 per barrel. Another informed official disclosed that the government is exploring all possible ideas to alleviate oil prices, including exercising emergency powers and addressing supply chain disruptions in the Strait of Hormuz for defense reasons.