U.S. President Donald Trump is poised to consider a series of options starting Monday to control soaring oil prices attributed to the ongoing war in Iran, which have surpassed $100 per barrel. This move reflects the White House's concerns that the rapid increase in oil prices could adversely affect American businesses and consumers as the nation approaches midterm elections in November, during which Republicans hope to maintain control of Congress.

U.S. officials in Washington are reportedly discussing measures in collaboration with their counterparts from the G7 nations, including a potential coordinated release of crude oil from strategic reserves. Such discussions underscore the gravity of the situation as high prices could undermine the economic stability that the administration seeks to project ahead of a critical election period.

In addition to the strategic reserve release, other options being considered include restricting U.S. oil exports, intervening in oil futures markets, and possibly other regulatory proposals aimed at containing oil price hikes. These actions signal a proactive approach by the Trump administration as they attempt to mitigate the economic fallout from rising energy costs, which could be detrimental to their election prospects and overall public sentiment.