🚀 Trump calls for lower oil prices to hurt Iran

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. President Trump on Monday urged “everyone” to keep oil prices low following U.S. airstrikes on Iran’s nuclear sites, warning that rising prices would play “into the hands of the enemy.” His vague Truth Social post appeared to target U.S. oil producers, whom he later urged to “DRILL, BABY, DRILL!!!” despite the Energy Department having no authority over drilling. The strikes raised fears Iran could retaliate by disrupting Middle East oil supplies, but markets remained relatively calm. Brent briefly topped $81 on Sunday before falling back to $76.28, while U.S. crude settled at $73.09 per barrel.

2. Federal Reserve Governor Michelle Bowman said Monday she would support a July interest rate cut if inflation remains contained, becoming the second official in recent days, after Governor Christopher Waller, to signal openness to easing. Speaking in Prague, Bowman downplayed the inflationary impact of Trump’s tariffs, suggesting their effect may be delayed and limited. She emphasized the need to bring rates closer to a neutral level to support the labor market. While President Trump continues to push for steep cuts, Bowman gave no indication of backing such drastic moves. Markets currently see a July cut as unlikely, favouring September instead.

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4. Iran’s parliament has backed a measure to close the Strait of Hormuz following U.S. strikes on Iranian nuclear sites, escalating tensions in the region. While Iran’s national security council must still approve the move, experts say an actual closure is unlikely, as it would hurt Iran’s economy and alienate key partners like China, its largest oil customer. Approximately 20% of global oil flows through the strait, and any disruption could lead to a spike in prices and provoke retaliation. Analysts expect Iran to use the threat to pressure the West without risking full isolation or military backlash.

   Headlines

   1. Tesla stock rose 10% yesterday after announcing a successful trial of its robotaxis in Austin, Texas.

   2. Trump Media shares rose after announcing a $400M stock buyback program.

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