U.S. West Texas Intermediate futures expiring in April soared to a new 52-week high of $119.43 a barrel before cooling down slightly to hover at $95.53 at the time of writing.
President Donald Trump will reportedly consider multiple options to curb energy prices as the intensifying Iran war pushed crude oil to over $100 on Monday.
According to a Reuters report citing people familiar with the matter, President Trump could review these options on Monday.
These options could include a joint release of strategic petroleum reserves from the Group of Seven economies. Other options on the table include the waiving of some federal taxes, restricting crude oil exports from the U.S., intervening in the oil futures markets, and lifting requirements under a United States law that mandates domestic fuel should move only on U.S.-flagged ships, the report stated.
The U.S. West Texas Intermediate (WTI) futures expiring in April soared to a new 52-week high of $119.43 a barrel before cooling down slightly to hover at $95.53 at the time of writing.
Brent crude futures expiring in May also rose to a new 52-week high of $119.46 a barrel before losing some steam to hover at $100.18.
The United States Oil Fund ETF (USO) was up 5.43%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) was up 6.31% at the time of writing.
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