The United States began rolling out measures in

# Bao Yilong

Source: Wall Street CN

U.S. Secretary of State Marco Rubio announced that Treasury Secretary **Scott Bessent** and Energy Secretary **Chris Wright** will unveil a special oil price stabilization plan on Tuesday, with measures to be rolled out in phases. Following U.S. military strikes on Iran, the Islamic Revolutionary Guard Corps (IRGC) claimed to have closed the Strait of Hormuz, sparking fears of supply disruptions. U.S. crude futures surged more than 6% in a single day on Monday.

U.S. Secretary of State Marco Rubio stated that the Trump administration will announce a targeted plan on Tuesday to address rising oil prices, aiming to calm energy market turmoil triggered by U.S. military action against Iran.

On Monday, March 2, Rubio told reporters ahead of a congressional briefing on the Iran situation that the Trump administration has a plan to stabilize oil markets.

He said Treasury Secretary Scott Bessent and Energy Secretary Chris Wright will formally announce the plan on Tuesday, with measures to be introduced "in phases." Rubio noted that rising oil prices were a risk factor the administration had anticipated.

"We knew this would be a variable. We discussed the plan again last night and this morning. Starting tomorrow, you will see us roll out these phased measures step by step to try to mitigate this impact," he said.

U.S. crude futures rose more than 6% on Monday. A senior IRGC official reportedly declared the Strait of Hormuz closed and warned of attacks on vessels attempting passage, sharply escalating market concerns over supply disruptions.

*(Crude futures gapped higher on Monday)*

## Strait of Hormuz Crisis Puts Global Oil Transport to Severe Test

The IRGC's announcement of the strait's closure has dramatically escalated tensions. When asked about countermeasures, Rubio struck a tough tone, saying "We will destroy their navy."

The Strait of Hormuz is a critical chokepoint for global energy shipments, with over 20% of the world's seaborne crude oil and natural gas passing through the waterway from the Persian Gulf to international markets.

Iranian harassment of vessels transiting the strait has created major disruptions to global oil flows. Multiple oil tankers are either waiting outside the strait or being forced to take longer, alternative routes to their destinations.

For energy markets, whether the Strait of Hormuz remains open is the key variable determining short-term oil price direction. The strength and specificity of the government's plan to be announced on Tuesday will be closely scrutinized by markets.

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