"So far, the energy price shocks have been relatively contained. But a prolonged conflict in the Middle East carries enormous economic risks."
"The Trump administration has said that it has more leeway to act aggressively in the Middle East because the world is flush with oil and gas, thanks in part to record U.S. production, and has less to fear than it once did from energy price shocks.
The ongoing war in Iran could put that theory to the test.
Long before U.S. and Israeli forces attacked Iran over the weekend, Trump administration officials had repeatedly suggested that America’s “energy dominance” means fewer constraints on military action abroad, including in oil-producing countries. The United States bombed Iran last summer and captured Venezuela’s president in January, and each time, the effect on global oil prices was fairly modest.
“The world is very well supplied with oil right now, and I think it gives President Trump more leverage in his geopolitical actions to not worry about a crazy spike in oil prices,” Chris Wright, the energy secretary, said on CNBC last month."
Brad Plumer, Lisa Friedman and Rebecca F. Elliott report for the New York Times March 3, 2026.
SEE ALSO:
"Dow Falls 1,000 Points As Iran War Pushes Oil Prices Higher" (The Hill)
"Trump Administration Will Move To Offset Oil Price Increases: Rubio" (The Hill)
"Nuclear Watchdog: Natanz Enrichment Site In Iran Damaged" (The Hill)
"Trump Moves To Give Oil Ships Financial Cover Amid Iran War" (The Hill)
