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White House Rejects Oil Export Ban Amid Price Surge

3/20/2026

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Story summary
  • The White House has ruled out a ban on crude oil and gas exports amid rising energy prices linked to the Iran war.
  • Vice President J.D. Vance and Energy Secretary Chris Wright met with oil executives to discuss export restrictions.
  • Experts warn a ban could disrupt global markets and raise domestic fuel prices.
  • U.S. benchmark crude has climbed from $67 to over $101 per barrel since the conflict began.