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President Donald Trump said the U.S. would provide insurance guarantees and naval escorts to ensure safe passage for oil tankers and other vessels through the Strait of Hormuz.

“Spain has absolutely nothing that we need other than great people,” President Trump said. “They have great people, but they don’t have great leadership.”

A decision to tap the Energy Department’s Strategic Petroleum Reserve could help stanch price spikes, at least temporarily. The reserve currently holds about 415 million barrels.

An appeals court rejected the Trump administration’s request to delay next steps in the fight over tariff refunds for importers after the Supreme Court struck down Trump's signature policy.

“It’s the rockets and feathers effect,” said Christopher Knittel, professor of energy economics at the Massachusetts Institute of Technology. “When things are going up — they go up fast.”

The Institute for Supply Management’s gauge of prices paid for manufacturing inputs jumped 11.5 points to 70.5, the highest level since overall inflation peaked nearly four years ago.

“One of the things in this industry is that there’s always uncertainties,” Krista Swanson, chief economist at the National Corn Growers Association, said in an interview.

The most immediate impact from the escalating Middle East conflict is through market reaction as investors take flight to safe havens such as the dollar and gold, while stocks slump.

Thousands of companies are angling for refunds on President Donald Trump’s tariffs, many of which were ruled unconstitutional Feb. 20. Now some retail customers are joining the scrum.

The justices were silent on the refund question, leaving questions of payback to the New York-based U.S. Court of International Trade. No one expects a speedy resolution.