Republicans on Capitol Hill are growing worried about President Trump’s bet that Americans are willing to swallow higher gas prices due to the conflict with Iran, especially ahead of the November elections.

Across Asia, where countries are highly exposed to rising oil and gas costs and tightening supply, governments are acting to mitigate economic harm.

While senior Trump aides had anticipated some brief surge in oil prices in the first days of the war with Iran, the size and sustainability of the market reaction caught them off guard.

The fact is, we have neglected the oil and gas sector for the last 20 years. Many of us got carried away with the West-led "demonise oil, prioritise green energy" narrative.

Oil rose as high as $119.50 a barrel. The price came down to just below $100 a barrel after reports that governments were considering steps to ease concerns about tightening supplies of oil.