Trump Calls for Increased Drilling Amid Oil Price Concerns

Former President Donald Trump on Monday renewed his call for increased U.S. oil drilling, urging his administration and the market to maintain low prices amid concerns over rising costs due to U.S. military actions against Iran's nuclear facilities. Despite the geopolitical tension, there have been no significant disruptions in oil supply.

Trump, utilizing his Truth Social platform, stressed the importance of constant vigilance over oil prices, stating, 'Everyone, keep oil prices down, I'm watching!' U.S. Energy Secretary Chris Wright quickly assured Trump they were already working on the drilling issue, echoing his sentiments publicly.

While global oil prices experienced volatility, escalating nearly 6% initially before dropping 7.3% later in the session, Trump and his team remained committed to dominating the energy sector. With potential threats looming, such as Iran potentially blocking the Strait of Hormuz, the U.S. could resort to its Strategic Petroleum Reserve to stabilize supplies if necessary.

(With inputs from agencies.)