US President Donald Trump has called for keeping oil prices low amid concerns that recent US attacks on Iranian nuclear facilities could spike global energy prices.
"Hold oil prices low, I'm watching! People are helping the enemy, don't do that," Trump wrote on Truth Social. He then continued to post a post asking the US Department of Energy to take immediate action to increase production: "Go ahead, drill now".
US Energy Secretary Chris Wright responded to X: "We are deploying!". However, it is unclear what specific steps the Ministry of Energy will take to promote oil and gas exploitation. Under President Joe Biden, mining output has reached a record high and Mr. Trump is looking to push output even higher.
Brent oil prices, a global benchmark, fluctuated strongly in the first trading session of the week. Prices have hit a year's high and then fell more than 1% to $76.10 a barrel, amid the continued operation of oil and gas tankers from the Middle East following US airstrikes on Iran last weekend.
The US government could consider using the Strategic Petroleum Reserve (SPR), the world's largest emergency crude oil reserve, if there is a serious disruption in supply. However, Trump and his allies have criticized President Biden for withdrawing oil from the SPR after the conflict in Ukraine broke out in 2022.
Trump's call to keep oil prices low is now seen as part of a bid to control the geopolitical impact of tensions with Iran, which could seriously affect the global energy market and the US economy.
As oil transit routes in the Middle East continue to operate normally, observers are closely monitoring every move from Washington to determine whether the US will implement additional measures to stabilize the market.
