US President Donald Trump will on Monday consider a range of options to contain oil prices, Reuters reports, citing two sources.

The initiative reflects White House concerns that rising oil prices will negatively impact American businesses and consumers ahead of the November congressional midterm elections, when Republicans hope to retain control of the House of Representatives.

US officials in Washington have been discussing with G7 counterparts a possible joint release of crude oil from strategic reserves — one of several options under consideration. Other measures include limiting US exports, intervening in oil futures markets, waiving some federal taxes, and suspending requirements of the Jones Act, which mandates that fuel transported on domestic routes be carried only on US-flagged vessels.

Analysts note that US measures will have limited impact on global oil markets as long as hostilities block Middle Eastern oil exports through the Strait of Hormuz, which accounts for a fifth of global supplies.

"The White House is in constant coordination with relevant agencies on this important issue, as it is a top priority for the president," said White House press secretary Taylor Rogers. "President Trump and his energy team had a well-thought-out plan to stabilize energy markets long before Operation Epic Fury began, and they will continue to consider all credible options," Rogers added.