Those fears have subsided somewhat as the US has become the world’s largest crude oil producer. After Trump announced on Tuesday that the US will provide insurance guarantees and naval escorts for oil tankers through the strait, oil prices were pulled off their peaks. At that time, US gasoline prices averaged $5.01 a gallon. It’s possible that oil prices will not reach that level. That could lower global oil prices.

Source: The Guardian March 09, 2026 04:31 UTC