Trump will tap oil reserve as Iran war drives up gas prices - Axios
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The Bottom Line
President Trump will use strategic oil reserves due to rising gas prices from an Iran war.
How This Affects You
Consumers may see gas prices stabilize or decrease due to this action.
AI Summary
Trump plans to tap the Strategic Petroleum Reserve in response to rising gasoline prices caused by conflict with Iran. The move aims to counteract fuel cost increases driven by the military conflict.
What's Being Done
The President is tapping the oil reserve.
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U.S. to release 172 million barrels of oil from Strategic Petroleum Reserve as prices surge
IEA announces record oil stockpile release over Iran war supply disruptions - Yahoo Finance UK
This article is part of a story we're tracking:
Iran & Middle East Conflict
Tracking the evolving military and diplomatic situation across the Middle East, including US-Iran tensions, Israeli operations, proxy conflicts, and the broader geopolitical implications for the region.
Economy & Markets
Monitoring the US and global economy including inflation, employment, Federal Reserve policy, trade tensions, market volatility, housing affordability, and the financial pressures facing American households.
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Trump, who promised to lower gas prices, is tapping the Strategic Petroleum Reserve as war drives prices up. And, the U.S. investigates the strike on an Iranian school that killed at least 165 people.
PoliticsScoop: Trump eases Venezuela sanctions on oil, fertilizer to blunt Iran war costs
<p>The Treasury Department made it easier Friday for U.S. businesses and farmers to buy Venezuelan fertilizer and oil as their prices rise because of the <a href="https://www.axios.com/world/iran" target="_blank">Iran war,</a> Axios has learned.</p><p><strong>Why it matters</strong>: The bottleneck of tankers in the Persian Gulf because of Iranian attacks has caused the costs of oil and fertilizer, a petrochemical product, to jump. It threatens to spike inflation and raise the <a href="https://www.dw.com/en/iran-us-israel-war-food-crisis-prices-fertilizer-energy-costs-inflation/a-76286348" target="_blank">cost </a>of food in the U.S.</p><hr><ul><li>By reducing sanctions on oil-rich Venezuela, <a href="https://www.axios.com/2026/03/13/iran-war-trump-officials-ship-escorts-hormuz-strait" target="_blank">Treasury Secretary Scott Bessent</a> hopes to increase supplies in the U.S. and lower prices.</li></ul><p><strong>Zoom in:</strong> The Office of Foreign Assets Control, which manages ...
PoliticsTrump dismisses soaring gas prices as 'a little glitch' of Iran war
President Trump is dismissing skyrocketing gas prices as Americans start to feel the economic ripple effects of his war with Iran.
GlobalIran war puts at risk key pipelines, terminals and refineries that supply the world with oil and gas - AP News
<a href="https://news.google.com/rss/articles/CBMipwFBVV95cUxQdUdYamNCcWdEdDNoTDBCU0wwOFZOVENDZmdZMUxtbzRFQnFJVERBb3lRa20ydmZhenVEcG5qajh0d0F0VF9Ja0x1c0hXOThhMFB4QXk0R0FTT1pkblh0MjJEMVBwYmZHYVNqM010UWo4dkx6NkVoZU1xX19DSURxcjQyQllxZGFUZG15MnJUTFZxbGkwMnBxVm5ReTdvd2wxVEc5Nk5Ccw?oc=5" target="_blank">Iran war puts at risk key pipelines, terminals and refineries that supply the world with oil and gas</a> <font color="#6f6f6f">AP News</font>
GlobalTrump Seeks to Calm Oil and Gas Markets but Says Iran War Will Go On
The president said the U.S. could accompany tankers through the Strait of Hormuz if necessary to keep oil flowing. “We’ve already won in many ways, but we haven’t won enough,” he said.
GlobalCan tapping into oil reserves help stabilize prices?
The decision by the International Energy Agency to tap into oil reserves is historic in its size and scope. The 400 million barrel release dwarfs the number released after Russia invaded Ukraine. But there are many questions about whether this more ambitious effort will stop a surge in oil and gas prices if the war endures. Geoff Bennett discussed more with Clay Seigle.
Judge blocks Trump administration's subpoenas against Fed Chair Powell
A federal judge blocked two grand jury subpoenas against Federal Reserve Chair Jerome Powell on Friday. Chief Judge James Boasberg wrote that "the Government has offered no evidence whatsoever that Powell committed any crime other than displeasing the President."
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