US President Donald Trump on Monday posted on social media asking “everyone” to keep oil prices down or risk empowering adversaries. His remarks followed a weekend of escalating tensions after US airstrikes on Iran’s key nuclear sites. “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.
In a separate post, Trump directed the US Department of Energy to ramp up domestic production. “To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!” Responding on X, US Energy Secretary Chris Wright replied, “We’re on it! Thanks to President Trump’s leadership, America’s energy security is stronger than ever before.”
Trump’s comments came as Iran condemned the US airstrikes on its nuclear facilities, describing the president as a “gambler” for aligning with Israel in its ongoing military campaign. The US dropped massive bunker-buster bombs on three key Iranian nuclear sites Natanz, Isfahan and Fordow early Sunday morning (as per Indian time).
In retaliation, Iran’s parliament greenlit the closure of the Strait of Hormuz, a move that is expected to shake global energy markets. However, a final decision will rest with Iran’s Supreme National Security Council on the closure.
The Strait of Hormuz, situated between the Persian Gulf and the Gulf of Oman, is a critical maritime chokepoint for global oil transit. Nearly 20% of the world’s daily oil supply passes through it. At its narrowest, the strait is just 33 kilometers wide, with each shipping lane only 3 kilometers across.
Despite its size, it is a critical artery for global energy. In 2024 alone, the strait saw an average of 20.3 million barrels of oil and 290 million cubic meters of LNG pass through daily. The bulk of oil exports from Saudi Arabia, Iraq, Iran, the UAE and Kuwait are shipped via this route.