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The Trump administration is weighing a range of options for addressing the spike in oil and gasoline prices amid the war in Iran, Interior Secretary Doug Burgum said.

The U.S. oil futures rally took another move higher, sending prices to their highest in about 20 months as investors price in a prolonged war in the Middle East that could upend crude flows.

Federal and local law enforcement officers have taken action to bust an organized ring of diesel thieves thought to be selling the fuel around the Port of Oakland.

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.

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.