'I'm watching': Trump warns oil producers not to hike prices amid fears of closure of Strait of Hormuz by Iran

Donald Trump cautioned global oil producers against raising prices amid market anxieties over potential U.S. military involvement in the Israel-Iran conflict. He urged increased domestic drilling while warning producers not to aid adversaries. Oil prices initially surged but later stabilized, reflecting expectations that Iran would avoid disrupting Strait of Hormuz shipments, though prices remain elevated since the conflict's onset.