Marco Rubio Says Trump Has Plan To Tame Oil Prices As Iran War Rages, Warns Of More Punishing Phase Ahead— ‘It’s An Unacceptable Risk’

Secretary of State Marco Rubio addressed growing concerns over escalating energy prices due to the U.S.-Iran war and hinted at a plan in place.

Rubio, in a press briefing on Monday, indicated that the Trump administration had already anticipated a surge in oil prices due to the strikes and has a plan to alleviate the impact. He added that the plan’s rollout is set to begin on Tuesday and would be implemented by Energy Secretary Chris Wright and Treasury Secretary Scott Bessent.

The announcement comes at a time when crude oil futures have surged to their highest levels since early 2025. When last checked, the WTI Crude April 26 futures were trading 3.47% higher at $73.73 per barrel. On Monday evening, Iranian state media said that Tehran had closed the Strait of Hormuz and issued warnings that any vessel attempting to pass would be attacked or set on fire.

Goldman Sachs analysts estimate that an $18-per-barrel risk premium, about 25% of current prices, is being priced in case of a prolonged Strait of Hormuz blockade. Meanwhile, Ebury‘s Head of Market Strategy, Matthew Ryan, told Benzinga that a complete shutdown of Iran’s main shipping route is the biggest risk to markets and could push oil futures toward $100 a barrel.

Rubio, Vance Explain Urgency Of Strikes

Rubio explained that the U.S. expected a counterattack from Iran in response to any aggression, including potential action from Israel. The decision to strike preemptively was made to minimize casualties.  “It’s an unacceptable risk,” Rubio said.

He pointed out that Iran was rapidly increasing its missile production, even under sanctions, and warned that within a year to a year and a half, Iran could potentially threaten global security with its arsenal of short-range missiles and drones. Previously, Rubio stated that Iran possessed weapons “solely designed” to attack the U.S.

The Secretary of State also stated, “The next phase will be even more punishing on Iran than it is right now.”

Meanwhile, Vice President JD Vance on the “Jesse Watters Primetime” on Fox News on Monday, said that nuclear talks with Iran collapsed after U.S. officials concluded Tehran’s claims “did not pass the smell test,” leading President Donald Trump to authorize the strikes.

Vance said Iran defended uranium enrichment as a matter of national pride for civilian energy use, but U.S. officials questioned why Tehran was building deeply buried facilities, 70-80 ft underground and enriching uranium to levels around 60% purity, far beyond civilian needs and well above limits set under the 2015 nuclear deal. He stressed that Iran’s enrichment heightened proliferation fears.

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Originally Posted March 3, 2026 – Marco Rubio Says Trump Has Plan To Tame Oil Prices As Iran War Rages, Warns Of More Punishing Phase Ahead— ‘It’s An Unacceptable Risk’

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor.