Republicans cautious on energy prices despite ceasefire

In the day following President Donald Trump’s announcement of a two-week ceasefire with Iran, dozens of congressional Republicans released statements of support for the administration's peace negotiations.

But the lawmakers largely steered clear of one major topic: oil.

Crude prices tumbled following Trump’s Tuesday night announcement that the Strait of Hormuz would reopen as part of the ceasefire agreement. It's what many Republicans were hoping for heading into the midterm elections.

But despite the ceasefire, it's unclear when international oil shipments will return to normal through the Strait of Hormuz, and there's alarm about Iran gaining more power over a waterway that carries roughly 20 percent of the world's oil traffic.

“This is an important step toward ending the conflict, but we need to remain vigilant," said Sen. John Hoeven (R-N.D.), a member of the Energy and Natural Resources Committee. “We must maintain pressure on Iran to follow through on its commitment to re-open the Strait of Hormuz and agree to a deal that achieves our objectives."

Indeed, Iran state media reported Wednesday that the country would move to close the strait again if Israel kept bombing targets in Lebanon. The White House said Lebanon was not part of the ceasefire and downplayed the closure threat.

Still, the president has appeared open to Iran keeping some influence over the strait and charging ships for crossing. That's something causing alarm with industry leaders.

"The supposed negotiating document, in my view, has some troubling aspects, but time will tell. I look forward to the architects of this proposal, the Vice President and others, coming forward to Congress and explaining how a negotiated deal meets our national security objectives in Iran," Sen. Lindsey Graham (R-S.C.), long an Iran hawk, wrote on X about initial reports on the ceasefire deal.

Other Republican were less specific in their response. Energy and Natural Resources Chair Mike Lee (R-Utah) wrote on social media that the ceasefire was “excellent news.” But he did not weigh in on the oil price declines Wednesday or lingering concerns about energy markets, and his office did not respond to request for comment.

On the House side, Energy and Commerce Chair Brett Guthrie (R-Ky.) similarly kept his ceasefire comments focused on military objectives, rather than the energy ramifications of the conflict.

“I pray that the end of hostilities will be lasting, that the Iranian regime permanently ends their nuclear ambitions, and stops their spread of terror once and for all,” Guthrie wrote.

Sen. Kevin Cramer (R-N.D.), another outspoken Republican on energy issues, took a tone of caution while celebrating the ceasefire agreement. “We have to keep our eyes wide open obviously, it’s not like the Iranian regime is good for keeping its word, but in my mind, this is a pretty good breakthrough,” he said in a statement.

Rep. Andy Biggs (R-Ariz.) was one of the only GOP lawmakers to comment about energy and Iran on Wednesday. But rather than calling attention to plummeting oil prices, he instead made an argument for American energy independence.

The president and his allies have been touting their support for more U.S. fossil fuel production as an insurance policy against global disruptions, even though average gasoline prices spiked from $3.25 a year ago to more than $4.

“If the past two months have taught us anything, it's that we can't put a price tag on American energy independence and dominance,” Biggs wrote on social media.

Democrats keep up attacks

The ceasefire announcement and drop in oil prices didn't blunt the Democrats' campaign that the administration's war — and other policies — are hurting American consumers.

Minority Leader Chuck Schumer highlighted the continued volatility in the Strait of Hormuz during a press conference Wednesday and said he didn't expect prices at the pump to ease anytime soon.

“At home here, American families have paid the price for this war. Gas prices have skyrocketed in just a matter of days. They're not going to change until August. And in general, the world oil markets will be unsettled for years,” Schumer said.

House Energy and Commerce ranking member Frank Pallone (D-N.J.) said, “Even though there's now a ceasefire, the oil supply chain has unfortunately been disrupted — and may be for a long time."

Iran's control over Strait of Hormuz traffic — something it didn't have before — is also giving Democrats ammunition against the president's decision to join Israel in attacking Iran.

“A waterway that was free to the world is now a toll booth that Iran controls,” wrote Rep. Mike Levin (D-Calif.) on social media. “Every barrel of oil that gets taxed on the way through raises prices for American families”

Andres Picon contributed to this report.