Oil prices surge as Trump team readies to "mitigate" costs

Crude oil prices have surged, reaching levels unseen since before the military campaign against Iran. This price increase, and its potential impact on consumer costs, is a significant concern for the Trump administration. The Energy and Treasury Departments are preparing new initiatives to address rising energy prices, according to Secretary Rubio. The exact details of these initiatives haven't been revealed, but they aim to mitigate the price effects. The U.S. currently has no plans to tap the Strategic Petroleum Reserve, although other countries might consider coordinated releases. Oil analysts speculate that Trump might consider options like a gas tax holiday or easing restrictions on Russia. Global benchmark Brent crude is trading around $83 per barrel, a notable increase. U.S. gasoline prices have also risen to an average of $3.11 per gallon. The situation is exacerbated by tankers avoiding the Strait of Hormuz and attacks on energy infrastructure. President Trump is scheduled to meet with Energy and Treasury Secretaries to discuss the situation.