U.S. Secretary of State Marco Rubio announced that the United States will introduce a phased plan to address the surge in oil prices, which has increased due to the conflict in Iran and the broader Middle East. This rise followed restrictions on oil flowing through the Strait of Hormuz.
Since the U.S.-Israel strikes on the Islamic Republic, U.S. oil prices have increased by 10%.
Speaking to reporters from Washington, Secretary Rubio said, “We knew that going in would be a factor. And so we have a program in place that will begin to be implemented by Secretary Wright, Secretary Bessent.”
“And starting tomorrow you will see us rolling out those phases to try to mitigate against that,” Rubio added.
“But there is a plan in place. We anticipated this could be an issue. And Secretary Wright and Bessent will begin to roll out those steps starting tomorrow to mitigate – to mitigate – against the impact that could have.”
According to energy consulting firm Kpler, about a third of the world’s total seaborne oil exports passed through the Strait of Hormuz in 2025.
By CEO NA Editorial Staff
