Commodities
Trump Eyes Measures to Tame Soaring Oil Prices
US President Donald Trump is expected to review options to combat rising oil prices by Monday. The prices have reached their highest level since 2022 due to the ongoing conflict between the US and Israel with Iran.
The stakes are high, as soaring energy prices have sent stock markets lower, threatened broad economic damage, and pose a risk for Trump's fellow Republicans in the upcoming midterm elections, where voters rank living costs as a top concern.
Some potential options include releasing oil from the US Strategic Petroleum Reserve, offering insurance to tankers passing through the Strait of Hormuz, waiving fuel taxes, relaxing pollution rules on fuels, imposing export restrictions, or waiving sanctions on Russian oil imports.