Trump tells everyone to keep oil prices down after Iran attacks

WASHINGTON: US President Donald Trump expressed a desire on Monday to see oil prices kept down amid fears that the aftermath of the attacks on Iran’s nuclear facilities could cause them to spike.

“Everyone, keep oil prices down, I’m watching! You’re playing into the hands of the enemy, don’t do it,” Trump wrote in all caps on his Truth Social platform.

Trump followed up with another post addressed to the US Department of Energy, encouraging it to “drill, baby, drill” and saying, “I mean now.”

US Energy Secretary Chris Wright responded, “We’re on it!” in a post on X.

It was not immediately clear what the energy department could do to boost oil and gas drilling, which hit record highs during the previous administration of former President Joe Biden and which Trump wants to take even higher. The Energy Department did not immediately respond to a question on Wright’s comment.

Global benchmark Brent oil prices oscillated on Monday, touching a five-month high before falling more than 1 per cent to $76.10 a barrel as oil and gas transit continued on tankers from the Middle East after US air strikes against Iran over the weekend.

The United States could tap the Strategic Petroleum Reserve, the world’s largest emergency crude oil stash, in the case of severe interruptions. But the Trump administration has criticised Biden’s use of the SPR after Russia invaded Ukraine in 2022.

WHY IS TRUMP WATCHING?

As Iran is mulling over the options to tackle the ongoing Israeli aggression and the US hitting its nuclear installations, the Iranian parliament on Sunday approved the decision to close the Strait of Hormuz.

Shutting down the busy route has always been a part of the Iranian doctrine in case it is ever attacked. However, it is Iran’s top security body, which will take the final approval to the decision – a choice that is going to produce ripple effects around the globe given its extreme nature.

After the news flashed across the world, US Secretary of State Marco Rubio called on China to encourage Iran not to shut down the Strait of Hormuz.