Trump Warns US, OPEC on Oil Prices Amid Iran Strait of Hormuz Threat

President Trump has issued a stern warning to U.S. oil and gas companies and oil-producing nations to keep prices down amid rising tensions following U.S. airstrikes on Iranian nuclear facilities. He emphasized on Truth Social that increasing oil prices would be playing "right into the hands of the enemy" and declared he is monitoring the market closely. Trump also urged the Department of Energy to immediately boost domestic oil production with the command "DRILL BABY DRILL!!!" as concerns grow over Iran potentially closing the Strait of Hormuz, a critical passage for nearly 20-25% of the world’s oil supply, which could severely disrupt global markets. Although oil prices surged initially, they stabilized somewhat as investors await Iran’s next moves. The administration remains cautiously optimistic about managing supply disruptions, with officials noting available reserves could help mitigate potential price shocks if tensions escalate further.