The Trump administration has explicitly stated it is not considering a ban on US oil exports despite significant price increases. A senior official confirmed to the Financial Times that restrictions are off the table. This comes after top shale executives warned Vice-President JD Vance that any ban would harm producers and undermine the administration's pro-drilling strategy.

Industry figures argue such a ban would fail to lower gasoline prices for consumers, instead damaging producer cash flow. Brent crude surged to $115 a barrel before settling at $111.96, while US petrol prices approach $4 a gallon, up nearly 30% since the US and Israel launched the war on Iran on February 28th. The administration's potential panic over rising prices threatens its popularity ahead of midterm elections. The real concern, according to an insider, is that growing White House anxiety could lead to desperate, counterproductive measures. Industry leaders, including API chief Mike Sommers, are pressing Vance and Energy Secretary Chris Wright to publicly rule out a ban to protect the industry's reputation as a reliable global supplier.