Iran WarThe latest measure comes after U.S. oil prices posted their biggest weekly gain in trading history.Oil tankers pass through the Strait of Hormuz on Dec. 21, 2018. Hamad I Mohammed/ReutersAndrew Moran3/6/2026|Updated: 3/6/20260:00The Trump administration created a $20 billion federal reinsurance program for commercial oil and gas vessels to restore tanker traffic in the Strait of Hormuz.White House officials have been employing various measures to stabilize global energy markets as oil prices broke $90 per barrel at the end of the trading week amid the conflict in Iran.
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