Oil, gasoline prices soar as Trump team looks to soften blow

Axios reports oil and gasoline prices are climbing as the Trump administration looks for ways to put more barrels into the market.

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Axios

The article says ships avoiding the Strait of Hormuz and military threats to regional infrastructure are "shocking oil and natural gas markets."

It notes Brent crude was trading around $89 Friday morning, up roughly $16 since military strikes against Iran began.

U.S. average regular gasoline prices are up 32 cents this week to $3.32 per gallon, per AAA.

The piece also cites a 10.8% national average gasoline price jump over four days described as the largest spike since the aftermath of Hurricane Katrina, though the excerpt does not show the attribution for that percentage.

The Trump administration has moved to try to temper the shock.

Energy Secretary Chris Wright told "Fox & Friends" it would take "weeks, not months" for gas prices to decline and said, "We have a little bit of an interruption right now to finally put an end to their ability to wreak havoc."

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Axios

The Treasury Department announced a 30-day sanctions measure; Secretary Scott Bessent said, "This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea."

ING analysts warned the steps "might help put some immediate downward pressure on the market, [but] it is not a game-changer," and said sustained price declines require a resumption of oil flows through the Strait of Hormuz.

Axios highlights other triage efforts, noting that top oil exporter Saudi Arabia is increasing shipments from the Red Sea but that those volumes are 'far from enough' to offset the drop from the crisis-hit Strait of Hormuz.

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Axios

The article frames the situation as a major shock to markets that is unlikely to be fully resolved until shipping through the Strait resumes.

The piece includes an unattributed quote comparing the current fallout to Russia's invasion of Ukraine.

The article was updated with comments from Energy Secretary Chris Wright, but the excerpt does not identify the source of the comparison.