The White House is scrambling to curb surging U.S. energy costs, with President Trump vowing to take action. His Treasury secretary revealed a plan to lower prices by lifting sanctions on Iranian oil already shipped. This comes as global supply concerns intensify following Iran's retaliatory strikes against oil facilities in Israel, Saudi Arabia, Qatar, Kuwait, and the UAE.

Damaged infrastructure could prolong price hikes even after the conflict ends. Oil prices have spiked since the war began nearly three weeks ago, driving the average U.S. gasoline price to $3.88, up from $2.93 a month prior, and pushing mortgage rates higher. $200 billion Pentagon funding for the Iran war was also requested.