Secretary of State Marco Rubio has stated that the Trump administration will move to offset oil price increases as strikes on Iran negatively impact the global market. The announcement comes as U.S. crude oil costs rose by 7% on Monday morning and global oil prices rose by 9% on the same day, with the cost of west Texas intermediate crude for April delivery rising to $77, up from $72 on Monday. The move is part of a program being implemented by Energy Secretary Chris Wright, Treasury Secretary Scott Bessent, and Energy Department Chris.