U.S. President Donald Trump on Monday called for global oil prices to remain stable as markets reacted to heightened tensions in the Middle East following U.S. airstrikes on Iranian nuclear facilities.
“EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING!” Trump posted on his Truth Social platform shortly after U.S. markets opened, as oil prices surged in early trading.
He warned against actions that could, in his words, “play right into the hands of the enemy.”
The President’s remarks came amid growing concerns over Iran’s pledge to retaliate.
Tehran is reportedly considering a range of responses, including a potential closure of the Strait of Hormuz, a strategic maritime route through which nearly 20% of the world’s oil supply is transported.
In a separate post, Trump also directed the U.S. Department of Energy to ramp up domestic oil production, writing: “DRILL, BABY, DRILL!!! And I mean NOW!!!”
The developments come after U.S. military strikes over the weekend targeted key Iranian nuclear infrastructure, escalating long-standing tensions between Washington and Tehran.
Following the news, international crude benchmarks Brent and WTI both jumped more than 4% to their highest levels since January.
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Prices later retreated slightly but remained elevated, with traders closely watching for any sign of Iranian retaliation.
Despite the sharp market reaction, analysts say there is no immediate indication that Iran will move to close the Strait, though the risk of further disruption remains high.
Iran is the world’s ninth-largest oil producer, exporting nearly 1.5 million barrels per day.
A disruption in its output or shipping lanes could deliver a major shock to global energy markets already grappling with inflationary pressures.