President Trump sought to reassure Americans as energy prices surged amid escalating conflict involving Iran and Israel. He said he would take necessary steps to prevent further increases, while his Treasury secretary outlined a proposal to ease prices by lifting sanctions on Iranian oil that has already been shipped.

Global energy markets have been rattled by Iran’s blockade of the Strait of Hormuz and retaliatory strikes on oil and gas facilities in Israel, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates. The attacks followed an Israeli strike on Iran’s portion of a major offshore gas field. Analysts warn that infrastructure damage could keep prices elevated even if fighting subsides.

Oil prices have climbed steadily during the three week conflict, pushing the average price of gasoline in the United States to $3.88 per gallon, up sharply from a month ago. Mortgage rates have also risen, raising broader concerns about household costs. Meanwhile, Cuba is grappling with a severe electricity crisis, with widespread blackouts disrupting daily life, medical care and food supplies.