WASHINGTON, March 6, (V7N) – US President Donald Trump said Thursday his administration would soon take steps to “reduce pressure on oil” after global prices spiked due to the ongoing US-Israeli war against Iran.  

Speaking at a White House event, Trump noted that “further action is imminent” and claimed prices had “pretty much stabilized,” though he did not specify what measures would follow. He referenced earlier “decisive action” by offering political risk insurance for tankers transiting the Gulf, a move aimed at reassuring shipping companies amid escalating regional attacks.  

Traffic through the Strait of Hormuz, a vital corridor for nearly 20 percent of the world’s crude and liquefied natural gas, has been severely disrupted. Concerns over shortages pushed Brent crude up 4.9 percent and WTI up 8.5 percent on Thursday, reaching levels not seen in nearly two years.  

High gasoline prices are emerging as a political flashpoint in the US, with average pump costs rising about nine percent in the past week, according to AAA. Analysts warn the surge could fuel inflation already straining households.  

On Tuesday, Trump ordered the US Development Finance Corporation to provide risk insurance for all maritime trade through the Gulf. He also said the US Navy could begin escorting tankers through the Strait of Hormuz “as soon as possible” if required.  

The war’s impact on oil markets underscores how quickly regional conflict can ripple into global economic concerns. With shipping routes threatened and energy prices climbing, Washington is under pressure to balance military objectives with economic stability.  

END/WD/RH