Trump warns of oil price surge…"Watching closely"

Amid Iran's move to consider blocking the Strait of Hormuz as a retaliatory response to the U.S. airstrike on Iran's nuclear facilities, former U.S. President Donald Trump issued a warning about a possible oil price surge.

On the 23rd (local time), President Trump stated on Truth Social, "Keep oil prices low," and added, "I am watching closely." He continued by warning, "(A rise in oil prices) is playing into the hands of the enemy," and strongly emphasized, "Never let that happen."

In addition, he instructed the Department of Energy to "start drilling. Start drilling!!! Right now, immediately."

President Trump's remarks were made as concerns about a rise in oil prices grew due to Iran's threat to block the Strait of Hormuz. Previously, the Iranian parliament had approved a proposal to blockade the Strait of Hormuz as a retaliatory measure against the U.S. airstrikes on its nuclear facilities. However, the final decision is expected to depend on Iran's Supreme Leader, Ayatollah Khamenei.

The Strait of Hormuz is known for enabling the passage of approximately 20% of the world's oil consumption. Currently, major investment banks expect that if the Strait of Hormuz is blocked, oil prices could exceed $100 per barrel.

Meanwhile, as of the 22nd (local time), international oil prices, which had risen, partially reversed gains today, with WTI and Brent Crude closing at $75 and $78 per barrel, respectively.