Donald Trump’s options to reverse soaring oil prices triggered by his war in Iran are severely limited unless he can rapidly reopen the Strait of Hormuz to allow crude to flow from the Gulf, experts have warned.
The Trump administration unveiled plans this week to insure and escort tankers crossing the narrow chokepoint and eased sanctions on Russian oil stranded at sea in an effort to inject liquidity into global crude markets.
It has also considered options to boost US and Venezuelan oil production and reportedly discussed — and then dismissed — a plan to trade oil futures.
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