Gas prices hit $3.84 nationwide, highest since 2023
Regular gasoline averaged $3.84 per gallon Wednesday, AAA and the Associated Press reported, the highest level since September 2023. European wholesale gas prices jumped 24 percent.
India loses 40 percent of its LNG supply overnight
India imports 40 percent of its liquefied natural gas from Qatar, External Affairs Ministry spokesperson Randhir Jaiswal said. Jaiswal reiterated India's call "for the avoidance of targeting civilian infrastructure, including energy infrastructure, across the region."
Trump threatens to destroy Iran's entire South Pars field
President Trump warned Tehran he would "massively blow up" Iran's South Pars gasfield—shared with Qatar—if Iran continues attacking Gulf energy sites. The threat follows Israel's earlier strike on the same field that triggered Iran's retaliation. The South Pars reserve is the world's largest single gas deposit.
White House weighs releasing 140 million barrels of Iranian oil
Treasury Secretary Scott Bessent told reporters the administration is considering an emergency release of 140 million barrels of previously sanctioned Iranian crude within days. Officials described the plan as a "break the glass" measure to calm markets. The move would reverse years of U.S. sanctions on Iranian oil exports.
Senate blocks measure to curb Trump's war authority
Senate Republicans defeated a Democratic war-powers resolution 53-47 that would have required congressional approval for further strikes on Iran. Sen. Rand Paul of Kentucky joined every Democrat in voting to advance the measure. The conflict has already cost the United States more than $18 billion.
Gulf states quietly urge quick U.S.-Israel victory
Six Gulf monarchies are privately pressing Washington and Jerusalem to complete the war convincingly while preserving ties to whatever Iranian government emerges, diplomats told The Hill. The delicate balancing act reflects fears of prolonged Iranian reprisals against their own oil installations.
French president calls for energy-infrastructure cease-fire
Emmanuel Macron appealed to Trump after speaking with Qatar's emir. "I have just spoken with the Emir of Qatar and President Trump following the strikes that hit gas production facilities in Iran and Qatar today," Macron posted. He urged both sides to stop targeting energy and water installations.
High prices threaten global AI boom, WTO warns
World Trade Organization chief economist Ralph Ossa warned that sustained triple-digit oil prices could "crimp" the artificial-intelligence boom by raising energy costs for data centers. The WTO identified the Iran war's impact on energy and fertilizer costs as the primary threat to global trade growth.
Oil lobby gets emergency meeting with top officials
Vice President Vance, Interior Secretary Doug Burgum and Energy Secretary Chris Wright will meet with American Petroleum Institute executives Thursday, API confirmed. The hastily arranged session comes as U.S. drillers face mounting pressure to boost domestic output and refill the Strategic Petroleum Reserve.
Analysts: Only open Strait of Hormuz will cut prices
Energy analysts told The Hill that administration policies—ranging from accelerated leasing to emergency releases—cannot meaningfully lower prices while Iran's attacks threaten the Strait of Hormuz. Roughly 20 percent of global oil supply transits the narrow waterway.
