U.S. President Donald Trump talks to reporters upon his arrival at Morristown Municipal Airport in Morristown, New Jersey, U.S., June 20, 2025.
Ken Cedeno | Reuters
President Donald Trump on Monday demanded that “everyone” keep oil prices down or they would play “into the hands of the enemy,” as the conflict in the Middle East escalates following U.S. strikes on Iran.
“EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!,” the president said in a post on his social media platform Truth Social.
Trump’s message comes after the U.S. bombed Iran’s key nuclear sites over the weekend, putting the world on edge that the Islamic Republic might target energy supplies in the Middle East and cause a spike in global oil prices.
It wasn’t clear who specifically Trump was speaking to in his post, though he seemed to be addressing the U.S. oil industry. Some oil companies had warned earlier in the year that they might have to cut production after prices tumbled to multiyear lows on Trump’s tariffs and OPEC+ boosting supply.
“To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!,” Trump said in a subsequent post on Monday. Oil production decisions in the U.S. are made by private companies in response to market dynamics. The Energy Department does not drill for oil.
“As the President said, producers must keep oil prices down or risk playing into the hands of the enemy,” White House spokesperson Harrison Fields said when asked who Trump was addressing.
Crude oil prices closed about 7% lower on Monday after Iran fired missiles at a U.S. airbase in Qatar but did not cause any casualties. Investors hoped that Iran had calibrated its retaliation to avoid further escalation.