The Trump administration is considering providing military protection for oil and gas tankers traversing the Strait of Hormuz in response to increased energy prices following the launch of “Operation Epic Fury” over the weekend, which has led to Iran threatening to attack vessels along the global oil delivery waterway.
"It's becoming a growing concern that the energy markets could face pressures in the coming days as the military campaign intensifies and expands in geographic scope. Access to the Straits of Hormuz is obviously vital for both natural gas and crude oil shipments, especially from Qatar and Saudi [Arabia],” a source familiar with the discussions told Politico.
Concurrently, President Donald Trump is set to review a set of policy options aimed at stabilizing energy prices today, including a plan for the government to assist oil tankers in obtaining insurance.
Since the end of February, U.S. oil prices have risen to nearly $10 a barrel, following the escalating conflict between the U.S. and Iran.
The strait remains open during the conflict, but marine insurance companies have begun increasing rates, with some canceling coverage for some tankers that travel through the waterway.
Treasury Secretary Scott Bessent and Energy Secretary Chris Wright are set to meet with Trump in the afternoon to propose a list of plans to address the issue and finalize a response, according to anonymous sources.
The Pentagon is also reportedly discussing potential maritime operations where U.S.-deployed carriers and destroyers provide protection, preserving freedom of navigation. The Department of Defense had previously conducted a similar mission amid threats from an Iran-associated group.
State Secretary Marco Rubio additionally confirmed that the U.S. has a “program in place” to combat increasing energy prices, affirming that Secretaries Wright and Bessent would be in charge of implementing it.
“Starting tomorrow, you will see us rolling out those phases to try to mitigate against that,” Secretary Rubio said on Monday when talking to the press.
