Oil prices are on track for their largest monthly gain on record, with Brent crude surging past $116 per barrel and WTI topping $101, driven by Houthi attacks on Israel and President Trump’s remarks about targeting Iranian oil exports. International benchmark prices have risen nearly 59% since the beginning of March.
The Trump administration has pulled multiple levers in an effort to tame energy prices, such as releasing oil from its strategic reserve and relaxing government regulations that can push up the cost of petroleum products. Analysts, however, told CBS News that those measures alone aren’t enough to fill the energy supply gap or ease prices for Americans.
Curious Minds Corner
What is Saudi Aramco known as?
Saudi Aramco is the Middle Eastern oil company often considered the world’s most valuable, despite not being publicly traded.