Overview
- President Trump said the U.S. “makes a lot of money” when oil rises but stressed that preventing Iran from obtaining nuclear weapons is his overriding objective.
- Brent crude traded above $100 a barrel and the U.S. average gasoline price climbed to about $3.60 a gallon as shipping through the Strait of Hormuz remained curtailed.
- The IEA approved a coordinated 400 million‑barrel release from members’ reserves, and the U.S. authorized a 172 million‑barrel Strategic Petroleum Reserve draw that starts next week and is expected to take roughly 120 days.
- The White House said a temporary Jones Act waiver is under consideration to ease domestic energy logistics, with no final decision announced.
- Energy Secretary Chris Wright said U.S. Navy tanker escorts have been discussed but are not yet feasible, as Iran’s new supreme leader urged continued pressure on Hormuz and reports cited projectile strikes on two tankers that prompted terminal closures in Iraq and Oman.