Faced with rapidly rising crude oil prices due to tensions in the Middle East, the U.S. government is assessing multiple emergency measures to stabilize domestic energy markets. According to sources familiar with the matter, as Brent crude oil prices surpassed $119 per barrel, reaching their highest level since mid-2022, the White House has begun studying a range of policy tools, including coordinating with G7 countries to release strategic petroleum reserves, restricting U.S. crude oil exports, intervening in the crude oil futures market, temporarily waiving some federal fuel taxes, and relaxing restrictions under the Jones Act on domestic shipping.
The surge in oil prices stems from military actions taken by the U.S. and Israel against Iran on February 28, which severely disrupted energy transportation routes in the Middle East, particularly the Strait of Hormuz—a crucial transit point for approximately one-fifth of the world's oil shipments—significantly reducing its passage capacity. Experts point out that unless shipping through the Strait returns to normal, downward pressure on oil prices will be difficult to alleviate.
A White House spokesperson stated that energy market stability is one of the President's priorities, and related contingency plans were formulated before the military action was launched and are currently under comprehensive evaluation. However, analysts believe that administrative measures will have limited impact on the global oil market in the short term, and structural supply disruptions remain the dominant factor.
This situation coincides with the lead-up to the U.S. midterm elections, and rising fuel costs may exacerbate inflationary pressures, affecting voters' assessment of the economic situation, and thus posing a challenge to the Republican Party's efforts to maintain control of Congress.