According to reliable reports, the U.S. Treasury Secretary confirmed that the U.S. and Saudi Arabia have reached a considerable level of political understanding. The agreement states that the United States is conducting conversations with several parties including Saudi Arabia to increase oil supply to avoid spike in oil prices while the U.S. will intensify pressure on Iran.
Many informed sources speculate that Trump’s tweet in April which blamed OPEC for high oil prices might be playing a part in the negotiation process that is underway to reach an understanding with Saudi Arabia.
Gasoline prices in the US have already surged to $3 per gallon on an average which is the highest since 2014 and has increased by $2.50 since 2017. Experts are anticipating that the U.S. politicians will try to reach an effective understanding with Saudi Arabia rapidly in order to avoid any further escalations and avoid being blamed just prior to the congressional elections in November.