Rep. French Hill: Iran operation a short-term shock to oil markets; supports insurance, naval protection
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
Rep. French Hill told radio hosts that recent operations in Iran have chilled oil transit through the Gulf and pushed pump prices higher but are likely temporary; he urged support for insurance markets and naval protection of shipping and said tapping the Strategic Petroleum Reserve is an executive decision he would "urge" leaders to consider.
Rep. French Hill, a Republican member of Congress, said in a radio interview that recent operations in Iran have produced a short‑term disruption to oil transit and insurance markets but are unlikely to cause a lasting change in global oil supplies.
"I think this is temporary. I think it's going to be handled over the next few weeks," Hill said, describing heightened risks after what he called an escalation of Iranian activity by the IRGC and Quds Force.
Hill told hosts that remedies the U.S. government could use include supporting insurance markets and ensuring secure naval transit through the Strait of Hormuz. "You've heard the Treasury secretary talk about supporting the insurance markets. Of course, the United States Navy is going to do their part to support transit of the Strait of Hormuz, which benefits everyone in the markets," he said.
The program's hosts opened the segment by noting that pump prices had reached their highest levels since 2024, and asked whether there were any foreseeable "off ramps" for markets. Hill said the immediate effect is significant for oil and insurance markets but not necessarily permanent, pointing to Iran's existing sales relationships and to prior U.S. sanctions policy.
Hill also weighed in on whether the Strategic Petroleum Reserve (SPR) should be tapped to blunt price spikes. Asked if he would support using the SPR, he said that is normally a decision for the Treasury secretary and the cabinet but that he would "urge them to consider it." He added that the SPR release during the Russian invasion of Ukraine produced only a small, cents‑per‑barrel effect in his view.
Hill framed some market effects as linked to policy choices: he said that during the first Trump administration Iran's oil exports had been largely shut down by sanctions, and later policy changes allowed additional Iranian oil back into markets and financial systems.
The interview closed with Hill saying he expects market pressures to ease in coming weeks, while noting that any further military developments could change that outlook.