President Donald Trump on Monday demanded that “everyone” keep oil prices down or they would play “into the hands of the enemy,” as the conflict in the Middle East escalates following U.S. strikes on Iran.
“EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!,” the president said in a post on his social media platform Truth Social.
U.S. crude oil was down 75 cents, or 1.02%, to $73.09 per barrel in the wake of Trump’s post. Global benchmark Brent fell 73 cents, or 0.95%, to $76.28 per barrel.
Trump’s message comes after the U.S. bombed Iran’s key nuclear sites over the weekend, putting the world on edge that the Islamic Republic might target energy supplies in the Middle East and cause a spike in global oil prices.
It wasn’t clear who specifically Trump was speaking to in his post, though he was likely addressing the U.S. oil industry. Some oil companies had warned earlier in the year that they might have to cut production after prices tumbled to multiyear lows on Trump’s tariffs and OPEC+ boosting supply.
“To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!,” Trump said in a subsequent post on Monday.
Oil production decisions in the U.S. are made by private companies in response to market dynamics.
The Energy Department does not drill for oil.
The oil market has been largely unfazed by the U.S. attacks on Iran’s nuclear facilities, with futures trading largely flat through much of Monday morning.
Brent had jumped more than 5% on Sunday evening to crack $81 before easing.
WTI also reached its highest levels since January before pulling back.
By CNBC
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