Former President Donald Trump refrained from verifying reports by The Associated Press and other media sources suggesting that US intelligence officials have determined Russia has shared targeting information with Iran.
In a related development, Prime Minister Narendra Modi’s administration in India received a waiver, following Trump’s recent decision to reduce tariffs on India. This move came after Indian officials committed to decreasing their dependence on inexpensive Russian crude oil.
India has capitalized on the lowered prices of Russian oil, even as much of the international community has aimed to isolate Moscow in response to its invasion of Ukraine in February 2022.
The global oil market is experiencing significant turmoil, with prices continuing to rise amidst a conflict that began with US and Israeli actions and has since expanded across the Middle East, provoked by Iranian retaliation.
Approximately 20 million barrels of oil per day are at risk as vessels find it increasingly perilous to navigate through the Strait of Hormuz. This strategic passage, which lies between the Persian Gulf and the Arabian Sea, is bordered to the north by Iran.
The ongoing disruptions to shipping routes and the damage to vital oil and gas infrastructure in the Middle East have severely affected the supply chains of some of the world’s leading oil producers.
Asked whether he was willing to take other steps to ease oil prices, Trump said that “if there were some, I would do it, just to take a little of the pressure off.”
He appeared Saturday to wave off, at least for now, the possibility of tapping the nation’s Strategic Petroleum Reserve, saying the US has a “lot of oil.”
The reserve — a supply of oil that the US government can tap in case of emergencies — held more than 415 million barrels as of the end of last month, up from about 395 million barrels at this time in 2025. In total, when full, the SPR can hold more than 700 million barrels.
“We’ve got a lot of oil. Our country has a tremendous amount,” Trump said. “There’s a lot of oil out there. That’ll get healed very quickly.”
