In a fiery post, US President Donald Trump on Monday warned "everyone" to keep the prices down or they would play "into the hands of the enemy."
Taking to Truth Social, he wrote, "EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!"
While the US president did not name specific targets of his ire, the message appeared directed at US oil companies and possibly OPEC+ nations, amid renewed global energy jitters. Trump followed up with a pointed demand to the federal government: "To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!"
The post drew raised eyebrows across the energy sector, not least because the department of energy does not directly drill for oil. US production decisions are made by private companies responding to market forces, not presidential directives.
Markets waver as traders await Iran's response to US strikesOil prices and global stock markets seesawed on Monday as traders held their breath for Iran's next move following US airstrikes on its nuclear facilities over the weekend, a strike that has raised fears of a larger regional conflict and potential disruption to global oil supplies.
International crude benchmarks Brent and WTI both surged more than 4 per cent at open, hitting their highest levels since January. But by midday, gains had pared, and both contracts wobbled near a 0.3 per cent increase as Wall Street opened.
"The big question," Bjarne Schieldrop, chief commodities analyst at SEB Bank, told AFP, "is whether Iran will choose to choke off the Strait of Hormuz or not." He added, however, that current price movement suggests the market sees that risk as "low, for now."
Still, with the Strait of Hormuz, through which nearly 20% of global oil supply flows, in potential jeopardy, investor nerves remained raw. Iran, the world's ninth-largest oil producer, exports nearly half of its 3.3 million barrels per day.
Meanwhile, Wall Street stocks edged down, with the S&P 500 slipping 0.1% in early trading. Asian markets closed mixed, while European indices dipped slightly.
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