A 68-year-old patient with a history of COPD presents to the emergency department with worsening dyspnea, increased sputum production, and a low-grade fever. Which of the following interventions should be prioritized in the initial management of this patient?
Immediately start intravenous corticosteroids
Prepare for immediate intubation
Administer oxygen therapy to maintain SpO2 between 88-92%
Administer high-flow oxygen to rapidly increase SpO2 above 98%