President Donald Trump is urging companies to keep oil prices down as the U.S. gets involved in Israel’s war with Iran.
The U.S. strikes on Iranian nuclear sites have fueled speculation around whether oil prices will increase as a result of an escalating Middle East conflict. As of Monday, oil prices have remained stable but could go up depending on whether Iran responds to the U.S. strikes.
Trump on Monday urged companies to keep prices low as oil supply could dwindle as a result of the conflict. Trump has repeatedly vowed to lower prices for Americans and has touted low gas prices since being sworn into office.
“EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!”, Trump wrote Monday on his Truth Social platform.
“To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!”, he added in a separate post.
His post drew some criticism on social media platform X.
“Someone’s panicking,” The Lincoln Project quipped.
“Looks like someone is panicking about oil prices after his Middle East bombing,” Trump critic Ron Filipkowski wrote on X.
And U.S. Sen. Ed Markey (D-Mass.) mocked Trump for his statement.
”DON’T BLAME ME FOR SURGING OIL PRICES WHEN I DESTABILIZE THE MIDDLE EAST AND THE STRAIT OF HORMUZ," Markey wrote on X.
The price of oil did jump 4% shortly after trading began on Sunday night, but it quickly pared back as the focus shifted from what the U.S. military did to how Iran would react.
By Monday morning, the price of a benchmark barrel of U.S. oil was down 0.9% at $73.15. Brent crude, the international standard, fell 1.1% to $76.15 per barrel. They still remain above where they were before the fighting began over a week ago, when a barrel of benchmark U.S. crude was close to $68.
The fear throughout has been that a worsening war could squeeze the world’s supply of oil, which would pump up prices for it, gasoline and other products refined from crude. Not only is Iran a major producer of crude, it could also try to block access to the Strait of Hormuz off its coast, through which much of the world’s oil passes each day on ships.
The Associated Press contributed to this report.
Stories by Lauren Sforza
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