05.03.202623:44:49UTC+00Oil Slips as Trump Targets Surging Energy Prices

WTI crude futures fell nearly 2% to around $79.50 per barrel on Friday, trimming gains from the previous session after the Trump administration indicated it is weighing several measures to counter surging oil and gasoline prices amid the war in Iran. Options under consideration reportedly include releasing crude from US strategic reserves, granting waivers on fuel-blending mandates, and allowing the US Treasury to trade oil futures.

Despite the pullback, oil prices remain up nearly 20% for the week, placing them on track for their strongest weekly gain since 2022. The sharp rise has been driven by severe disruptions to global energy flows, as the conflict in the Middle East has effectively halted shipments through the Strait of Hormuz.

US President Donald Trump stated that he should have a say in choosing Iran’s next leader, while Israel has continued to carry out airstrikes on Tehran. Meanwhile, Iranian Foreign Minister Abbas Araghchi denied reports that Iran had called for a ceasefire and signaled no willingness to enter negotiations.