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Trump Wants Oil Producers to Pump More Crude Amid Jitters that Iran May Close Critical Shipping Lane
- President Donald Trump called on the U.S. and other oil producers to increase crude output on Monday amid tensions over Iran's potential closure of the Strait of Hormuz.
- This call follows U.S. military strikes on Iranian nuclear facilities and Iran's parliament backing a cutoff of the vital shipping lane in retaliation.
- The Strait of Hormuz handles about 20% of the world's oil and gas, and closing it could spike global energy prices and inflation, while experts doubt Iran would escalate due to retaliation risks.
- Oil prices surged 4% Sunday evening to around $76 a barrel, with analysts warning prices could reach $100 and gas could rise 75 cents per gallon if exports through the strait are disrupted.
- The White House and State Department issued warnings against Iran closing the strait, increased travel alerts, and urged Americans abroad to exercise caution amid high regional tensions.
125 Articles
125 Articles
Omaha World-Herald
Longview Daily NewsTrump seeks boost in oil production
WASHINGTON — President Donald Trump on Monday called for the U.S. and other oil-producing economies to pump more oil as crude prices remain volatile following U.S. strikes on Iranian nuclear facilities.
Despite Iran conflict, U.S. oil production is unlikely to budge
After launching air strikes on Iranian unclear facilities over the weekend, President Trump posted to Truth Social, demanding that U.S. oil firms “drill, baby, drill.” Although ongoing conflict in the Middle East could balloon oil prices, it’s unlikely that domestic producers are racing to ramp up production just yet. Also in this episode: Renting may be more appealing than buying right now, Treasury auctions see stability, and tariffs threaten …
Energy industry analysts are skeptical about Iran's ability to move forward by close. If so, Teerón will face the possibility of cutting off its own loads.
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