Six U.S. Western allies announced in a joint statement on Thursday their support for a potential coalition to reopen the strait of Hormuz for commercial ships and oil tankers. Reality check: The statement does not include any commitment to send naval vessels or other resources to make that happen. For now, it's largely a gesture to placate President Trump, who has railed against allies for declining to help secure the strait and warned that a failure to do so could undermine the future of NATO. Why it matters: The strait closure has become the main crisis for the White House in the war. - As long as the Iranian blockade holds and Gulf oil remains trapped, President Trump can't end the war and declare victory even if he wants to.…
The Trump administration doesn't plan to thwart U.S. oil exports as officials scramble for ways to temper energy price spikes. Why it matters: Rumors of restrictions have swirled in recent days, and would represent a sea change after years of expanding shipments that have made the U.S. a huge player in global markets. Driving the news: "Oil and gas export restrictions are not under consideration," an administration official said Thursday via email. What they're saying: Some analysts have criticized the idea of restricting exports. - "While legally feasible, export restrictions would likely backfire — offering limited relief to US consumers while imposing economic and geopolitical costs," scholars with Columbia University's energy think…
The White House is considering lifting sanctions on Iranian oil that's at sea to keep oil prices down, Treasury Secretary Scott Bessent said Thursday. Why it matters: The administration is pulling out all the stops — even easing up an economic threat to its enemy in war — to keep down oil prices. The latest: The price of Brent crude, the global benchmark, spiked 10% in just the past 24 hours, driving increasing worries among investors. - Brent is now around $111 per barrel — nearly 60% higher than pre-war levels. Zoom in: "In the coming days, we may unsanction the Iranian oil that's on the water," Bessent told Fox Business Thursday morning. - He said that would make up about 140 million barrels — about 10 days to two weeks of…