US Seeks to Stabilize Oil Prices Amidst Escalating Iran Retaliation Threats

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US Fights Soaring Oil Prices as Iran Vows Escalation, Middle East Conflict Rages

Iranians set fire to US and Israel flags in Tehran on March 17. Source: Bloomberg

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Moneycontrol•19-03-2026, 00:38

US Fights Soaring Oil Prices as Iran Vows Escalation, Middle East Conflict Rages

•US takes steps to curb energy market turmoil, including waiving shipping mandates, as Iran escalates attacks on oil/gas infrastructure.
•President Trump expresses frustration with allies for not securing the Strait of Hormuz, a critical energy waterway.
•Iran warns Gulf countries that energy assets are now "legitimate targets" after Israel attacked its South Pars gas field.
•Oil prices near $110 a barrel for Brent crude; US crude approaches $100, with US emergency reserves poised to enter market.
•Conflict intensifies with Iran launching missiles/drones, Israel/US bombardment, and rising death tolls across the region.

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