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Trump calls for keeping oil prices down amid surge following US strikes on Iran

US president warns against playing into 'enemy's hands' as prices surge following attacks Trump ordered on Iranian nuclear facilities

Yasin Gungor  | 23.06.2025 - Update : 23.06.2025
Trump calls for keeping oil prices down amid surge following US strikes on Iran

ISTANBUL

US President Donald Trump on Monday called for keeping oil prices down as prices surged to near five-month highs following weekend US strikes on Iranian nuclear facilities.

"EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT," Trump wrote on social media.

The warning came as oil markets reacted to Saturday's US attacks, ordered by Trump, on Iranian nuclear sites at Fordo, Natanz, and Isfahan, with prices jumping on supply disruption fears.

Trump separately called on the US Energy Department to boost domestic production: "DRILL, BABY, DRILL!!! And I mean NOW!!!"

Price increases were driven by concerns that Iran might close the Strait of Hormuz, through which some 20 million barrels of oil and petroleum products transit daily, mostly destined for Asian markets, including China.

Iran's parliament on Sunday approved a proposal to close the strategic waterway following US strikes, though the final decision rests with Iran's Supreme National Security Council.

The strait handles 85% of Iraqi oil exports and much of Iran's petroleum shipments to China. Some tankers have already made U-turns to avoid entering the waterway, though ship traffic continues.

US Vice President JD Vance said disrupting traffic in the strait would be "suicidal" for Tehran.

Secretary of State Marco Rubio warned that any move by Tehran to close the strait following the recent strikes would impact the entire world, including the US and China.

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