Due to the Iran-Israel war, oil prices in the international market have skyrocketed. The price of crude oil had once reached US$ 81.40 per barrel. On the matter, US President Donald Trump on Monday (June 23, 2025) expressed his desire to keep oil prices down. He fears that the ongoing war in the Middle East may lead to a surge in oil prices.
He wrote on the social platform, “Everyone keep oil prices low, I am watching. You are playing into the hands of the enemy, don’t do this.” Apart from this, Trump made another post addressing the US Energy Department. in which he encouraged her to “drill, baby, drill” and added “I mean right now.”
Any disruption in its supply could impact global energy markets, especially if Iran decides to retaliate and threatens to close the Strait of Hormuz, a vital shipping route through which about 20 percent of the world’s oil passes.Concerns remain about crude oil prices in the international market, especially given Iran’s strategic importance to global oil supplies. Iran contributes about a third of OPEC+’s total production and is the group’s third-largest producer.
However, following the recent US involvement in the Israel-Iran conflict, experts stressed that the risk of a sharp surge in crude oil prices still persists in case of any obstruction in the Strait of Hormuz.