Oil Prices Spike Above $80 – White House Considers Emergency Market Intervention

Crude surged above the critical $80 per barrel threshold Thursday afternoon as disruptions tied to the Strait of Hormuz and escalating security incidents across Middle Eastern energy infrastructure triggered a sudden wave of risk premium the oil market. The rally briefly pushed prices to $82.16 intraday, the highest level since July 2024, before a late-session pullback brought crude back to $80. Week-to-date, crude is up 20% — on pace for its strongest weekly surge since February 2022. Now Washington is starting to take notice. Washington Floats Oil Futures Intervention On Thursday, U.S. Interior Secretary Doug Burgum was asked whether the…