Washington: Amid escalating tensions in the Middle East following recent military strikes on Iranian nuclear facilities, former U.S. President Donald Trump has publicly urged global energy stakeholders to take action to prevent a surge in oil prices. Posting on his social media platform, Truth Social, Trump wrote in his characteristic emphatic tone: “everyone, keep oil prices down. I’m watching! You’re playing into the hands of the enemy. Don’t do it!”
His statement comes as markets react nervously to the worsening conflict between Israel and Iran, which threatens critical oil supply routes such as the Strait of Hormuz. Although oil prices briefly spiked earlier in the day, both global benchmarks Brent crude and U.S. West Texas Intermediate (WTI) fell by more than 1%, suggesting that traders believe immediate supply chain disruptions remain unlikely for now.
In addition to the appeal for price restraint, Trump called for aggressive action on the domestic front. Reviving a popular campaign slogan from previous years, he wrote, “Drill, baby, drill – I mean now,” effectively demanding the U.S. Energy Department ramp up domestic oil production. U.S. Energy Secretary Chris Wright responded briefly via social media, stating, “We’re on it!” but offered no further details on how or when new production measures would be implemented.
Analysts noted that while Trump's comments carry no official weight, they reflect growing concern about energy inflation and its potential political impact. With the United States heading into another presidential election cycle, energy prices remain a hot-button issue. Trump has frequently criticized President Biden’s energy policies, particularly his 2022 decision to draw from the Strategic Petroleum Reserve to control prices amid the Russia-Ukraine conflict.
The current geopolitical environment adds further complexity. Military actions in the Gulf region especially those threatening vital oil shipping lanes can cause significant market volatility. Although the Strait of Hormuz remains operational, even the hint of future closure could drive prices higher. Goldman Sachs analysts recently warned that Brent crude could approach $100 per barrel if supply routes were disrupted.
While Trump’s rhetoric may resonate with voters worried about fuel costs, the reality of implementing rapid drilling or production increases is more complicated. Regulatory processes, environmental constraints, and logistical challenges pose significant barriers. Meanwhile, energy markets will continue to react swiftly to any changes in Middle East stability, production levels, or OPEC+ decisions.
In a world already rattled by war, inflation, and uncertainty, Trump's comments underline the delicate balance between geopolitics and global energy security. As the situation in Iran evolves, all eyes remain on the oil markets and on Washington’s next move.