Trump urged US Energy Department to increase oil production amid Middle East events

On Monday, US President Donald Trump addressed his administration with a call to increase oil production and get market participants to keep crude prices down. The call came amid fears of rising energy costs due to the situation surrounding Iran.

The country's leader posted his plea to the US Department of Energy on his Truth Social platform. US Energy Secretary Chris Wright responded by expressing support for the president's position. The US Department of Energy has not yet issued an official comment.

As noted by Reuters, specific actions in this area for the administration are still unclear, as decisions on the volume of drilling and production are made by private companies. Oil production figures in the US had earlier reached record highs under the previous administration of President Joe Biden.

Meanwhile, the situation on the oil market remains tense amid the escalating situation in the Middle East. On Monday, the benchmark Brent prices rose nearly 6% to a five-month high before falling 7.3% in the afternoon. Market participants are concerned about disruptions in supply chains passing through the region. However, now oil flows in the area remain stable.