U.S. Energy Independence and Iran Policy Discussed Amidst Global Oil Market Dynamics
The current price of West Texas Intermediate (WTI) crude oil is approximately $85 per barrel. The United States is not reliant on supplies from the Strait of Hormuz, as domestic crude oil production has reached nearly 14 million barrels per day. If the Keystone pipeline were to be fully restored, an additional 1 million barrels per day could be added to this output, potentially driving costs down to $75 per barrel, which would be more favorable for the market. Regarding Iran, there is a bipartisan consensus on the necessity to pressure Iran to prevent its development of nuclear weapons and ballistic missiles, while simultaneously ensuring freedom of navigation in the Strait of Hormuz. The U.S. military, under the leadership of Admiral Cooper, is reportedly working with President Trump to maintain this pressure, aiming to deter Iran from continuing its role as a state sponsor of terrorism. 
