Oil Slips as Trump Targets Surging Energy Prices

2026-03-05 23:44 By Jam Kaimo Samonte 1 min. read

WTI crude futures fell more than 1% to around $79.6 per barrel on Friday, paring gains from the previous session after the Trump administration signaled it is considering several options to address the surge in oil and gasoline prices amid the war in Iran.

Potential measures include releasing crude from US emergency reserves, granting waivers on fuel-blending requirements, and the US Treasury trading oil futures.

Still, oil prices have jumped nearly 20% this week, putting them on track for the largest weekly advance since 2022 as the Middle East conflict disrupted global energy flows by effectively halting shipments through the Strait of Hormuz.

US President Donald Trump said he should have a role in selecting Iran’s next leader, while Israel has continued conducting airstrikes on Tehran.

Meanwhile, Iranian Foreign Minister Abbas Araghchi denied reports that Iran had requested a ceasefire and signaled no willingness to enter negotiations.



News Stream
Oil Slips as Trump Targets Surging Energy Prices
WTI crude futures fell more than 1% to around $79.6 per barrel on Friday, paring gains from the previous session after the Trump administration signaled it is considering several options to address the surge in oil and gasoline prices amid the war in Iran. Potential measures include releasing crude from US emergency reserves, granting waivers on fuel-blending requirements, and the US Treasury trading oil futures. Still, oil prices have jumped nearly 20% this week, putting them on track for the largest weekly advance since 2022 as the Middle East conflict disrupted global energy flows by effectively halting shipments through the Strait of Hormuz. US President Donald Trump said he should have a role in selecting Iran’s next leader, while Israel has continued conducting airstrikes on Tehran. Meanwhile, Iranian Foreign Minister Abbas Araghchi denied reports that Iran had requested a ceasefire and signaled no willingness to enter negotiations.
2026-03-05
Crude Oil WTI traded above 80 USD/Bbl
Crude Oil WTI rose above 80, according to trading on a contract for difference (CFD).
2026-03-05
Crude Oil Tops $80
Crude oil prices climbed more than 8% to above $80 per barrel, their highest level since July 2024 as the escalating war with Iran disrupted global fuel supplies. Tanker traffic in the Strait of Hormuz remians largely halted and Iran claimed it struck an oil tanker with a missile. Adding to the strain, China’s government has ordered its major refiners to halt exports of diesel and gasoline. Attempts to calm the market, including proposals for vessel insurance and naval escorts, have so far failed to reassure investors, who are increasingly bracing for a prolonged conflict. Meanwhile, EIA data showed US crude inventories rose by 3.5 million barrels to 439.3 million, well above expectations, providing a buffer against potential supply shocks.
2026-03-05