Trump Administration Prepares Measures to Mitigate Oil Price Spikes from Iran Conflict

WASHINGTON – The Trump administration is set to announce steps tomorrow to shield American consumers from rising energy costs triggered by the ongoing military action against Iran, Secretary of State Marco Rubio confirmed Monday.

Oil prices surged sharply on Monday, with Brent crude rising more than 5% to near $77 per barrel and U.S. crude climbing over 7%, as Iran's retaliatory strikes disrupted shipping through the Strait of Hormuz and forced shutdowns at key refineries, including facilities in Saudi Arabia. U.S. retail gasoline prices crossed the $3 per gallon mark for the first time since November, up amid broader market reactions to the conflict that began February 28.

Rubio, speaking to reporters on Capitol Hill ahead of a briefing to congressional leaders, acknowledged the anticipated volatility. “We knew that going in would be a factor,” he said, adding that the administration has a program in place to address it. Treasury Secretary Scott Bessent and Energy Secretary Chris Wright will detail the mitigation phases starting Tuesday, focusing on protecting Americans from the economic fallout of Tehran's attempts to target global energy supplies.

The spikes follow months of rising oil prices—up 17% this year—driven by heightened rhetoric against the Iranian regime and tightened sanctions. President Trump has emphasized that the military operation aims to eliminate Iran's nuclear and missile threats decisively, projecting four to five weeks of action with potential for longer if needed. Administration officials stress that the campaign targets regime capabilities, not endless engagement, and that U.S. efforts will ensure secure energy flows.

Analysts note that while short-term disruptions have pushed prices higher, markets appear to bet on a contained conflict, limiting extreme surges. The administration's proactive stance underscores commitment to American energy security and economic stability amid necessary action to neutralize long-standing threats from Iran.