Tipsheet

Energy Secretary Chris Wright Says U.S. Acting to Offset Temporary Oil Price Spike Amid Iran Conflict

U.S. Energy Secretary Chris Wright said that the nation is working to mitigate a temporary increase in the price of oil.

The nation has sent warships to protect oil tankers traveling through the Strait of Hormuz after Iran threatened to attack those ships. 

The International Energy Industry has released 400 million barrels of emergency oil reserve to mitigate oil disruptions from the Iran conflict. 

President Donald Trump announced this weekend that the U.S. Navy will deploy warships to the Strait of Hormuz to protect the flow of oil. Trump said that other countries will also send warships. 

The U.S. "obliterated every" military target on the Iranian island of Kharg but left the oil infrastructure as a bargaining chip in case Iran attacks oil tankers traveling through the Strait of Hormuz, Trump said on Friday.