Trump Reviews Energy Policy Options Amid Middle East Oil Disruptions

President Donald Trump is set to review policy options on Tuesday to address surging energy prices triggered by escalating military conflict in the Middle East, where Israeli and U.S. strikes on Iran have prompted retaliatory actions disrupting oil shipments through the Strait of Hormuz.

The measures under consideration include U.S. government assistance for insurance on oil tankers navigating the region, according to two officials familiar with the discussions. Treasury Secretary Scott Bessent and Energy Secretary Chris Wright are scheduled to meet with Trump at 2 p.m. in Washington to present the proposals and outline a response. Global crude oil prices have risen sharply since the strikes began over the weekend, with U.S. oil futures jumping more than 6 percent on Monday. Average U.S. retail gasoline prices surpassed $3 per gallon for the first time since November, exacerbating concerns over inflation and consumer spending.

The conflict intensified when Iran retaliated by attacking energy infrastructure, forcing shutdowns of oil and gas facilities across the region and blocking tanker traffic in the Strait of Hormuz, a vital waterway between Iran and Oman that handles about...