Trump ready to regain control over oil prices after conflict with Iran
U.S. President Donald Trump announced a plan to lower oil prices, which rose due to the conflict with Iran. He expressed confidence in achieving results but did not disclose details.
The rise in oil prices became one of the main consequences of the U.S. and Israel’s war with Iran, affecting the energy market worldwide, including Ukraine. President Trump expressed optimism in March about the prospects of regulating oil prices. However, specific measures remain unknown, although one possible option is the use of strategic oil reserves.
Recently, the price of Brent crude rose to $119.5 per barrel but later dropped to over $100. Such prices were last observed in 2022. Amid these market fluctuations, the U.S. has already taken several measures to stabilize: notably, providing insurance guarantees to ships and offering protection from the U.S. Navy for ships in the Strait of Hormuz, a critically important route for global oil trade.
The U.S. has also granted India permission to temporarily buy Russian oil that was already loaded onto tankers to reduce the market deficit. According to Finance Minister Scott Bassent, this decision will not bring substantial financial benefits to Russia.
A point of view on the limitations regarding Russian energy resources was voiced by Hungarian Prime Minister Viktor Orban, who advocated for the cessation of all EU sanctions against Moscow. The U.S. continues to consider lifting the suspension of sanctions on Russia’s oil resources, aiming to avoid market shortages.
| Date | Event | Brent Oil Price |
|---|---|---|
| March 2 | Start of the war | $72.48 |
| March 9 | Trump’s statement | More than $100 |
| Strait of Hormuz | 20% of world oil trade | – |
