President Trump has demonstrated masterful pragmatism in managing volatile global energy markets during a dangerous time. While critics denounced any flexibility, Trump understood a fundamental truth: oil is a global commodity driven by supply and demand, not by political slogans.

The United States imports almost none of the roughly 20 million barrels per day that normally flow through the Strait of Hormuz. Less than 500,000 barrels daily from the entire Persian Gulf in recent years.

Yet every American driver feels the consequences when risk disrupts that chokepoint, because prices everywhere respond to worldwide fundamentals. When oil anywhere in the world is in short supply, prices climb everywhere, including your gas station.

Trump’s approach was smart realpolitik. He allowed limited Iranian oil to continue reaching China and other Asian buyers while Russian non-sanctioned crude found markets and generated cash for Moscow at elevated prices. This balancing act prevented an immediate global supply crunch.

It kept the market from tipping into panic and protected the U.S. economy, which benefits from record domestic production of 13.6 million barrels per day and strong exports of refined products. By avoiding an artificial shortage, Trump shielded American families from the kind of price........

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