US monitors potential impact on global energy supplies

US Energy Secretary Chris Wright said, on June 13, that he and his team are working with the White House National Security Council to monitor the situation in the Middle East and assess any potential impacts on global energy supplies.

In the aftermath of Israeli strikes on Iranian nuclear sites and Iran's retaliatory missile launches, Wright posted on messaging platform X that President Donald Trump's policy of maximizing American oil and gas production, including easing pollution regulations, enhances US energy security.

Analysts said that Iran's oil and gas facilities, as a member of the Organization of the Petroleum Exporting Countries (OPEC), were not targeted during the strikes.

Global crude oil prices surged on June 13, closing with a 7% increase at over $74 per barrel as investor concerns grew about the potential escalation of conflict in the Middle East.

In a note to its clients, analysts at ClearView Energy Partners said that US gasoline prices could rise by approximately 20 cents per gallon in the coming days, coinciding with the peak summer driving season.

They highlighted that such a rise could create economic challenges and political difficulties for President Trump, who has emphasized lowering energy costs in his campaign.

ClearView also said that rising prices might prompt Trump to consider tapping into the strategic oil reserves, seeking increased supplies from the OPEC+ alliance, and could complicate efforts to intensify sanctions on Russia, one of the world's top three oil producers.

The US Department of Energy has not yet responded to inquiries about the possible use of the US strategic petroleum reserve, the largest in the world, which currently holds 402.1 million barrels of crude oil.

Fatih Birol, Executive Director of the Paris-based International Energy Agency (IEA), posted on X that the agency's oil security system, which includes the US strategic petroleum reserve, has access to over 1.2 billion barrels in emergency stockpiles.

In response, OPEC criticized Birol’s statement, describing it as “alarmist and accusing him of instilling fear in the market."