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White House press secretary Karoline Leavitt said the recent spike in oil prices tied to the escalating Iran conflict will be short-lived, arguing President Donald Trump's energy dominance strategy will stabilize markets and ease pressure on American consumers.
"This is a short-term disruption for the long-term gain of taking out the rogue Iranian terrorist regime and finally ending their restriction of the free flow of energy in the Middle East and in the Strait of Hormuz," Leavitt told "Sunday Morning Futures."
Leavitt said the administration is taking immediate steps to keep global energy supplies moving despite the conflict. She noted that the president has announced political risk insurance for cargo vessels and oil tankers navigating the Strait of Hormuz, a key chokepoint for approximately 20% of global oil shipments.
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She added that the U.S. Navy is prepared to escort tankers if necessary to ensure oil continues flowing through the region. The administration is also working to increase supply elsewhere, including by tapping into expanded access to Venezuelan oil markets following the collapse of the Maduro regime.
"Look at the success. We are working in a cooperative manner with the interim authorities to bring that oil into the market as expeditiously as possible," Leavitt said.
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"Again, this is a short-term disruption. We're seeing a slight increase in oil and gas prices, but ultimately taking out the rogue Iranian regime is going to be a good thing for the oil industry, and those prices are going to come back down just like they have over the course of the past year because of President Trump's American energy dominance agenda."
Gas prices climbed higher late last week as the conflict with Iran continued to roil global energy markets, pushing crude oil sharply upward and raising concerns about fuel supplies.
U.S. crude, for instance, settled at $90.90 per barrel Friday, a 12.2% jump from the previous day.
The national average price for regular gasoline rose to $3.32 per gallon Friday, up from $3.25 Thursday and $2.98 a week prior, according to AAA.
