US affirms it will not restrict oil exports amid escalating Iran conflict

Washington (ANTARA) - The Trump administration does not plan to impose restrictions on oil and gas exports to control prices amid military strikes against Iran, US Energy Secretary Chris Wright said on Thursday. “To be clear, the Trump administration has no plans to implement restrictions on oil and gas exports,” Wright wrote on X. Wright also praised President Donald Trump, stating that his policies have made the US the world’s leading producer of oil and natural gas. The escalation of the war against Iran has halted traffic in the Strait of Hormuz, the main shipping route for oil and liquefied natural gas from Persian Gulf countries to global markets, and has also affected oil exports and production in the region. As part of efforts to press down energy prices, the US has approved the release of 172 million barrels of oil from the Strategic Petroleum Reserve over a four-month period and lifted restrictions on Russian oil stranded at sea. As reported, oil company executives have warned the White House that the closure of the Strait of Hormuz, which impacts shipping halts, could further drive up global oil prices, according to a Wall Street Journal report aired on Sunday (15/3). ExxonMobil CEO Darren Woods, Chevron CEO Mike Wirth, and ConocoPhillips CEO Ryan Lance said that shipping disruptions will continue to create instability in the global energy market. The White House is considering steps to lower world oil prices, including easing oil sanctions on Russia, mass-releasing emergency energy reserves, removing restrictions on crude oil shipments between US ports, and increasing Venezuelan oil shipments, a White House official said. Over the past two weeks, US officials have discussed billions of dollars in investments in Venezuela’s oil sector with Exxon and ConocoPhillips, the newspaper said. Nevertheless, many in the oil industry are concerned that such steps will not significantly resolve the crisis, arguing that the only real solution is to reopen the Strait of Hormuz.