Trump Administration Weighs Options to Address Oil Price Spike

Considering insurance guarantees, naval escorts, and other measures to stabilize energy markets amid conflict with Iran

Published on Mar. 6, 2026

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The Trump administration is considering a range of options to address the spike in oil and gasoline prices, including providing insurance guarantees for tanker shipments, possible U.S. naval escorts through the Strait of Hormuz, and other measures to stabilize energy markets amid the conflict with Iran. However, the administration is ruling out deploying the Treasury Department to trade oil futures for now, as officials believe the agency's ability to meaningfully affect the market is limited.

Why it matters

Surging oil costs pose both a geopolitical risk for the White House and a domestic political challenge for President Donald Trump as his administration tries to contain energy-driven inflation and convince voters it is lowering the cost of living ahead of the November midterm elections.

The details

Interior Secretary Doug Burgum said the administration was weighing a range of options to address the spike in oil and gasoline prices tied to the war in Iran, including possible actions that would have immediate impact as well as longer-term and more complex options. Analysts have also pointed to additional measures the administration could consider, including waivers of fuel-blending requirements aimed at boosting available fuel supplies. However, the administration is ruling out deploying the Treasury Department to trade oil futures for now, as officials believe the agency's ability to meaningfully affect the market is limited.

  • On March 6, 2026, the Trump administration was weighing options to address the spike in oil and gasoline prices.

The players

Doug Burgum

The Interior Secretary who said the administration was weighing a range of options to address the spike in oil and gasoline prices.

Donald Trump

The President of the United States whose administration is considering measures to address the energy crisis.

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What they’re saying

“Everything is being considered”

— Doug Burgum, Interior Secretary (Bloomberg)

“The U.S .can take on some risk to help make sure that our allies in the world are well supplied, and we're the only ones that could do that, because we've got the financial power and the naval power to make that happen.”

— Doug Burgum, Interior Secretary (Bloomberg)

What’s next

Burgum is scheduled to meet with President Trump on Friday afternoon in Washington to discuss the administration's plans.

The takeaway

The Trump administration is exploring a range of options, from insurance guarantees to naval escorts, to address the spike in oil and gasoline prices driven by the conflict with Iran, as it seeks to contain energy-driven inflation and maintain political support ahead of the midterm elections.