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(Bloomberg) — President Donald Trump demanded that energy producers keep down oil prices following US military strikes on Iran, which drove prices higher amid fears the attack could provoke a wider conflict in the Middle East.
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“EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!” Trump posted Monday on social media.
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In a subsequent post, Trump urged the Energy Department to “DRILL, BABY, DRILL!!! And I mean NOW!!!”
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Energy Secretary Chris Wright responded in a post on X that “we’re on it.”
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Iran has warned that Trump’s decision to join Israel’s military offensive with attacks on its three main nuclear sites would trigger retaliation. Tehran could close the Strait of Hormuz, a waterway at the mouth of the Persian Gulf that carries about a quarter of the world’s seaborne oil trade.
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GLOBAL REACT: US Bombs Iran, Next Move Is Tehran’s
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Higher oil prices would squeeze US consumers whose bank accounts have been stretched in recent years by inflation, a development that could inflict political pain on Trump and Republicans.
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If the strait is shut to shipping, crude could soar past $130 per barrel, according to a Bloomberg Economics estimate. White House Press Secretary Karoline Leavitt said earlier Monday that the US is “actively and closely monitoring this situation in the Strait of Hormuz and the Iranian regime would be foolish to make that decision.”
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Oil on Monday began to erase earlier gains, however, as fears began to fade of an immediate disruption of oil supplies in the region. Global benchmark Brent initially surged to $81.40 a barrel, but later dropped to below $77.
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Trump’s directive for more US drilling cannot, on its own, spur more oil and gas development.
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US oil executives have shown little appetite in recent years to dramatically boost output, with the price of West Texas Intermediate below the cost of production at some sites.
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Oil companies generally are plotting investment decisions in the US based on long-term price forecasts — not the temporary spike spurred by the attacks on Iran and the fear of supply disruption in the Mideast.
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