US President Donald Trump said his administration will soon take further steps to stabilise global oil prices after the ongoing conflict involving the United States, Israel and Iran triggered sharp volatility in energy markets and disrupted shipping through the Strait of Hormuz.

Speaking at the White House on Thursday, Donald Trump said additional measures to ease pressure on the oil market would be announced soon. He did not provide details of the planned action.

“Further action to reduce pressure on oil is imminent, and the oil seems to have pretty much stabilised,” Trump said, referring to recent spikes in crude prices following the escalation in the Middle East.

Energy markets have reacted strongly to the conflict as security risks affected tanker traffic through the Strait of Hormuz, one of the world’s most critical energy corridors.

Roughly 20 per cent of global crude oil and liquefied natural gas shipments pass through the narrow waterway linking the Gulf to international markets. Any disruption to traffic through the strait has immediate consequences for global oil supply and pricing.

Oil prices surged on Thursday as concerns over supply intensified. Brent crude, the global benchmark, rose 4.9 per cent, while West Texas Intermediate (WTI), the main US benchmark, climbed 8.5 per cent, reaching levels not seen in nearly two years.

US policy response to protect global energy flows

The Trump administration has already introduced measures aimed at protecting energy shipments in the region.

Donald Trump said the United States had taken “decisive action” by providing political risk insurance for tankers transiting the Gulf, a step designed to ensure that shipping companies continue transporting crude oil and liquefied natural gas despite heightened security threats.

Earlier this week, Trump instructed the US Development Finance Corporation to extend political risk insurance coverage for maritime trade moving through the Gulf region.

The president also indicated that the US Navy could escort commercial oil tankers through the Strait of Hormuz if security conditions deteriorate further.

“If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz as soon as possible,” he said.

Rising fuel prices add domestic economic pressure

Higher crude prices are already affecting consumers in the United States. According to the AAA fuel price index, average gasoline prices across the country have increased by about nine per cent over the past week.

Fuel prices remain politically sensitive in the United States because higher energy costs can contribute to inflation and increase pressure on household spending.

Energy analysts say the White House is likely to prioritise stabilising oil markets while geopolitical tensions continue to affect supply routes in the Middle East.

The conflict has heightened concerns among policymakers and traders about the security of global energy infrastructure and maritime transport, particularly in the Gulf region, which remains central to international oil supply chains.