Trump urges oil producers to hold prices down
Shafaq News/ On Monday, US President Donald Trump called on oil-producing nations to keep prices low, as tensions continue to mount in the Gulf.
"EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!" Trump posted on Truth Social.
His remarks followed a sharp uptick in global oil benchmarks. Brent crude jumped 5.7% to $81.40 per barrel—its highest level since mid-January—before retreating to $78.05 by 12:20 p.m. London time, while US West Texas Intermediate rose 1.3% to $74.79 per barrel for August delivery.
The market rally comes amid growing fears over a potential Iranian move to obstruct the Strait of Hormuz in response to recent US airstrikes on nuclear facilities.
The Strait handles roughly a fifth of the world's oil trade, and any disruption could drive prices sharply higher.
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