US President Donald Trump on Monday issued a sharp warning to global oil producers over rising prices, urging them to hold back any move that could increase costs for consumers. This comes amid growing market concerns over the potential fallout from America’s direct military involvement in Israel’s war with Iran. “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, a day after U.S. bunker-busting strikes reportedly targeted Iranian-linked sites. “To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!” Trump wrote in another post. Despite the sharp rhetoric, global markets showed a cautious but measured response. Oil prices, which spiked as much as 4% after trading opened Sunday night, pared back by Monday morning. A barrel of U.S. benchmark crude was up just 0.4% at $74.16, while Brent crude edged up 0.2% to $77.17.The mild market reaction shows investors believe Iran is unlikely to block the Strait of Hormuz, a key route for global oil trade. However, oil prices are still much higher than last week, when U.S. crude was around $68 a barrel.The Strait of Hormuz is one of the most important oil chokepoints in the world. About one-fifth of the global oil supply passes through it daily. Any disruption in this narrow waterway could cause major supply shocks and send fuel prices sharply higher. U.S. Secretary of State Marco Rubio said any attempt by Iran to block the strait would be “economic suicide” and would draw a response from Washington.
- News Source Indiatimes (Click to view full news): CLICK HERE
0 Comments:
Leave a Reply