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The U.S. president Donald Trump asked the oil market this Monday to keep oil prices low.
“Keep oil prices low! I’m watching! They are falling into the hands of the enemy. Don’t do it!”, Trump commented on his social media platform Truth Social.
The U.S. bombing of the Iranian nuclear facilities and the threat from the Tehran regime to close the Strait of Hormuz, a crucial route for oil transit, have caused a slight increase in hydrocarbon prices in global markets this Monday.
Trump also dedicated a brief message to his Department of Energy: "DRILL, BABY, DRILL!!! And I mean NOW!!!"
Yesterday, it was reported that the Iranian parliament approved the closure of the Strait of Hormuz, a measure that will be implemented when deemed necessary, according to the Supreme National Security Council, which holds the final decision on the matter.
It is a sea route through which 20% of the oil and 30% of the liquefied natural gas that supplies the entire world is transported.
Moreover, countries like Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait rely on this passage to export their hydrocarbons, Reuters specifies.
This Monday, it was reported that Iran launched multiple missiles at United States military bases in the Middle East as a retaliation for the bombings of its three nuclear facilities, according to information provided to Axios by an Israeli official and another Arab official.
According to those sources, at least ten missiles were directed towards Qatar and at least one towards Iraq.
The White House and the Department of Defense confirmed to Axios that they were aware of "potential threats" against the Al Udeid Air Base in Qatar, and that they are closely monitoring the situation.
Explosions were heard in the Qatari capital, Doha, on Monday night, and videos circulated on social media showing activated air defense systems.
Frequently asked questions about Trump's message to the oil market and the crisis in the Middle East
Why did Donald Trump ask to keep oil prices low?
Donald Trump called for keeping oil prices low to prevent them from falling "into the hands of the enemy." This comment comes amid rising tensions in the Middle East following U.S. bombings of nuclear facilities in Iran, which have impacted the global oil market.
What impact does the closure of the Strait of Hormuz have on the oil market?
The closure of the Strait of Hormuz could have a significant impact on the global oil market, as approximately 20% of the world's oil passes through this maritime route. The possibility of its closure, approved by the Iranian parliament, heightens tensions in the region and could lead to a considerable increase in oil prices.
How does the conflict between the U.S. and Iran affect gasoline prices in Florida?
The conflict between the U.S. and Iran has led to an increase in gasoline prices in Florida. The tension in the Middle East has created uncertainty in international fuel markets, resulting in a rise of 16 cents per gallon in the state. The situation could worsen if hostilities continue or if the global oil supply is disrupted.
What military actions has Trump taken against Iran and its allies?
Trump has carried out bombings against nuclear facilities in Iran and has ordered airstrikes on the capital of Yemen in response to the aggressions of the Houthi rebels. These actions are part of a strategy to curb Iran's nuclear ambitions and protect U.S. interests in the region.
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