U.S. President Donald Trump said he has a "plan" to address soaring oil prices, which had surged 65% to near $120 a barrel due to conflict in Iran, on the 9th (local time).

"I have a plan for everything," Trump said in a phone call with the New York Post, adding, "You'll be very happy."

While Trump did not reveal specific details, the New York Post reported that he has several options, including releasing oil from the Strategic Petroleum Reserve.

With the Strait of Hormuz effectively blocked, oil transportation from Persian Gulf oil-producing countries, including Saudi Arabia and the United Arab Emirates, has also been nearly halted.

Government officials stated that various measures are being discussed to alleviate price pressure and ensure continued oil transportation through the region.

Brent crude, the international benchmark for oil prices, surged to $119.50 a barrel shortly before the phone interview on the morning of the 9th. It later stabilized around $100 before falling below $90 in the afternoon. The closing price for crude oil the previous day was $90.90.

On February 27th, one day before the Iranian airstrikes began, Brent crude futures were priced at $72.48 per barrel.

A significant factor behind the sharp decline in crude oil prices within a day of their surge is the announcement of an "international mission" by French President Emmanuel Macron to reopen the Strait of Hormuz.

President Macron announced an "international mission" to escort vessels with the aim of "gradually reopening" the Strait for "purely defensive" purposes.

He stated that the French fleet to be deployed in the region would consist of eight frigates, two landing helicopter carriers, and one aircraft carrier, along with five frigates from Greece, Italy, the Netherlands, and Spain, and one destroyer from the United Kingdom.

"This naval deployment is unprecedented," Macron added.

President Trump posted on Truth Social over the weekend that "the short-term oil prices that will drastically fall if the Iranian nuclear threat is eliminated are a very small price to pay for the safety and peace of the United States and the world."

In an interview with CNN, Secretary of Energy Chris Wright stated that high oil prices would not be prolonged, saying, "At worst, it will only take a few weeks, not months, although the exact duration is unknown."

Gasoline prices per gallon experienced by U.S. consumers are still not higher than during the Joe Biden administration.

According to AAA data, as of the 9th, the average gasoline price in the U.S. is $3.48 per gallon, an increase of 48 cents from the previous day and 58 cents from a month ago. However, this is still significantly lower than the $5.02 peak during the pandemic.

California has the highest regional average, with gasoline priced at $5.20 per gallon. Kansas has the lowest prices nationwide, averaging $2.92 per gallon.

By Sung Ku Hong, Chief Reporter of NNP, U.S. / Special Correspondent NNP info@newsandpost.com