By Sam Barron | Tuesday, March 31, 2026
Trump administration officials are bracing for oil prices to climb above $150 per barrel as the Iran war continues, multiple sources said.
The White House is exploring ways to bring down costs, including deploying additional emergency powers, two industry officials stated. Administration officials have not ruled out oil reaching $200 a barrel.
White House officials are in an “all hands on deck” mode to prevent oil prices from spiking.
Stephen Moore, a former economic adviser to President Donald Trump, told sources that it would take significant setbacks for oil to hit $150 per barrel, calling it a “nightmare scenario.”
“All the economics team over there that I’ve talked to are aware of the negative effects of rising oil and gas prices,” Moore said. “It’s no big shocker that the president is now really focused on getting that down as quickly as possible.”
Trump administration officials are doing everything they can to keep gas prices low.
“They’re trying to come up with every conceivable idea that might alleviate energy prices, including the exercise of emergency powers and authorities and national defense reasons to address supply chain disruptions in the Strait of Hormuz,” an industry official said.
The White House denied it was weighing oil prices spiking to $200 a barrel.
“The Administration continues to explore additional options it can take as needed to further mitigate any short-term supply disruptions,” White House spokesperson Taylor Rogers said.
“Thanks to President Trump, America enjoys record-high domestic oil and gas production.”
Top staffers at the Energy Department have canceled trips so they can remain in Washington as the war continues and gas prices increase, a department official told sources.
“The politicals are pretty absorbed by it all,” the official said about the effect of the Iran war.
Experts warn the real damage of the war has yet to be felt, since there was a stockpile of oil that was headed to markets before the conflict began. With Iran blocking the Strait of Hormuz, the impact is expected to reach U.S. consumers in two weeks, Rory Johnston, an oil analyst, told sources.
“This is going to be really hard on consumers,” Johnston said.
“This is going to be effectively a massive tax that will sap excess disposable income. It will hit poor households in a much larger way.”
