Trump is reviewing “all credible options” on oil prices, White House spokeswoman says

MGN

President Trump is reviewing “all credible options” as oil prices skyrocket amid the U.S.-Israel war with Iran, a White House spokeswoman told CBS News on Monday.

Taylor Rogers told CBS News in a statement that the White House is in “constant coordination with the relevant agencies” on the issue of oil and gas prices, saying it is a “top priority” for the president.

“President Trump and his entire energy team have had a strong game plan to keep the energy markets stable well before Operation Epic Fury began, and they will continue to review all credible options,” Rogers said. “As the President said last night, this is a short-term change in oil prices, which will drop dramatically once the objectives of Operation Epic Fury are achieved.”

Oil prices soared on Monday as the war in Iran intensified. The price of Brent crude, the international benchmark, briefly surged to $119.50 per barrel on Monday – its highest level since the summer after Russia invaded Ukraine in 2022.

West Texas Intermediate, which is produced in the U.S., also soared to $119.48 per barrel at one point.

Those prices fell to just under $100 later on Monday, but barrels of Brent and U.S. crude are still 36% and 42% more expensive, respectively, than before the war started on Feb. 28.