Hours before announcing a ceasefire agreement was made between Israel and Iran, President Trump encouraged “everyone” to keep oil prices down amid the conflict.
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“EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING!” Trump wrote on his Truth Social on Monday. “YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!”
President Trump then followed up the oil pricing post by appealing to the U.S.’s domestic oil and gas supply. “To the Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!”
The remarks also came after Iran announced the potential closure of the Strait of Hormuz, a key commercial shipping channel through which a significant portion of the world’s oil supply passes. The country’s officials considered the idea after President Trump ordered a strike over the weekend.
Iranian lawmaker Seyyed Ali Yazdi Khah said the country may be compelled to shut down the Strait of Hormuz to “protect its national interest” in the face of “global arrogance” from the U.S. and the West.
The U.S. Energy Information Administration (EIA) reported that an average of 20 million barrels per day, approximately one-fifth of global petroleum liquids consumption, passed through the Strait of Hormuz in 2024.
Fellow U.S. Politicans Encourage Iran Not to Consider Closing the Strait of Hormuz
While President Trump encourages oil prices to stay low, fellow U.S. politicians have spoken out about Iran possibly closing the Strait of Hormuz.
During an appearance on Fox Business Sunday Morning Futures, U.S. Secretary of State Marco Rubio spoke about the potential closure.
“Well, I would encourage the Chinese Government in Beijing to call them about that,” he said. “Because they heavily depend on the Straits of Hormuz for their oil.”
Rubio then said, “If they do that, it’ll be another terrible mistake. It’s economic suic*de for them to do it. And we retain options to deal with that. But other countries should be looking at that as well.”
He further shared, “It would hurt other countries’ economies a lot worse than ours. It would be, I think, a massive escalation that would merit a response not just by us but from others.”
Meanwhile, Marko Papic, Chief Strategist at BCA Research, told Newsweek that oil prices would likely double to well above $100 if the Strait of Hormuz closes. “The extent to which that price shock would be sustainable is unclear.”