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Trump Administration Eyes All Options to Tame Oil Prices (1)

March 5, 2026, 9:10 PM UTC
Jennifer A. Dlouhy
Jennifer A. Dlouhy
Bloomberg News

The Trump administration is weighing a range of options for addressing the spike in oil and gasoline prices amid the war in Iran, Interior Secretary Doug Burgum said.

“Everything is being considered,” Burgum said in an interview Thursday, adding that the list includes possible actions that would have immediate impact as well as longer-term and more complex options.

WATCH: Bloomberg’s Alaric Nightingale discusses the fallout from the closing of the Strait of Hormuz, a chokepoint for the global oil trade. Source: Bloomberg

US President Donald Trump huddled with Burgum and other top advisers to discuss a range of options Tuesday before announcing plans to provide insurance guarantees and naval escorts to ensure safe passage for oil tankers and other vessels ...

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