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The two-day visit comes as the administration seeks to defend against China’s hold on critical minerals, some of which are abundant in Venezuela.

Investors are worried over how long the war with Iran could last, how high inflation may go because of more expensive oil and how much damage that might do to corporate profits.

Venezuela and the U.S. are scrutinizing dozens of confidential oil contracts signed during the reign of ousted strongman Nicolas Maduro, according to people familiar with the situation.

Airlines and other large fuel buyers have been loading up on oil derivatives contracts in recent days to keep their bills from spiraling as the U.S.-Iran war pushes prices to multiyear highs.

With ships unable or unwilling to transit the Strait of Hormuz, producers cannot export, supertanker costs are skyrocketing and storage at many Persian Gulf refineries is filling up fast. 

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.

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.

Shipowners and brokers are demanding more than $200,000 a day for LNG tankers in the Atlantic Basin, roughly double what they were commanding less than a day earlier, according to sources.

Oil producers jumped on a chance to lock in prices for future sales as the crude market soared, opening a window that had been scarce before the U.S. and Israel launched strikes on OPEC member Iran. 

Agriculture traders rushed to adjust positions with the escalating conflict in Iran threatening to disrupt supply chains from corn and soybean meal to fertilizer and sugar.