US considering military support for Middle East oil and gas supplies

The talks are the first sign President Donald Trump is starting to take seriously the surge in fuel prices that began after the start of the U.S.-Israeli attacks against Iran.

A speedboat operated by members of Iran's Revolutionary Guard approaches a British-flagged oil tanker in the Strait of Hormuz in 2019. | Morteza Akhoondi/AP

The Trump administration is considering providing military protection to oil and gas tankers traversing the Strait of Hormuz in a bid to cool energy prices that have surged since Iran warned it would attack ships at the choke point, two people said Tuesday.

“Military support for oil and gas supplies,” a person familiar with the discussion who was granted anonymity to discuss internal conversations said when asked about the potential for U.S. naval vessels to escort ships traveling through the strait. “It’s becoming a growing concern that the energy markets could face pressures in the coming days as the military campaign intensifies and expands in geographic scope. Access to the Straits of Hormuz is obviously vital for both natural gas and crude oil shipments, especially from Qatar and Saudi.”

U.S. oil prices have risen nearly $10 per barrel since the end of last week as the fighting has continued. That increase has started to filter down to gasoline prices, which are poised to climb higher than when President Donald Trump took office last year.

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