Energy woes deepen as Trump team looks to soften blow

"There's no doubt that what's happening now is an order of magnitude bigger - in terms of potential fallout for oil markets - than Russia's invasion of Ukraine. The global benchmark Brent crude is trading around $88 Friday morning, up roughly $16 since military strikes against Iran began."

"The national average gasoline price is up 10.8% over the past four days, the largest spike since the aftermath of Hurricane Katrina, per Schwab analyst Kevin Gordon. U.S. average regular gasoline prices are up 32 cents per gallon this week to $3.32, per AAA."

"The only way for prices to come down on a sustained basis is a resumption of oil flows through the Strait of Hormuz. While this might help put some immediate downward pressure on the market, it is not a game-changer, according to ING analysts."

Military strikes against Iran have triggered significant disruptions in global oil markets, with Brent crude rising approximately $16 to $88 per barrel. U.S. gasoline prices have surged 32 cents per gallon to $3.32, representing a 10.8% increase over four days—the largest spike since Hurricane Katrina. The Trump administration is implementing temporary measures to mitigate the shock, including a 30-day sanctions waiver allowing Indian refiners to purchase more Russian oil. Energy Secretary Chris Wright indicated that gas prices may take weeks to decline. Analysts note that while immediate relief measures may provide short-term downward pressure, sustained price reductions require resumption of oil flows through the Strait of Hormuz. Saudi Arabia is reportedly increasing shipments to help stabilize markets.

Read at Axios