Oil in the Crosshairs: Trump Urges Drilling Amid Middle East Tensions

On Monday, President Donald Trump urged the US and other oil-producing nations to ramp up oil production in light of fluctuating crude prices, following recent US military strikes on Iranian nuclear sites.

The president emphasized the importance of keeping oil prices down, warning of potential threats to national and international interests as diplomatic tensions with Iran escalate, particularly centering on the strategic Strait of Hormuz.

Global markets closely monitor the evolving situation, amidst warnings from analysts about the unlikely but impactful possibility of Iran closing a transit point crucial for global oil supplies, spurring market fears amidst heightened Middle East security alerts.

(With inputs from agencies.)