**Trump Calls for Emergency Measures to Control Oil Prices Amid Iran Tensions**
US President Donald Trump has urged the Department of Energy to take immediate action to prevent rising oil prices, which have surged globally following escalating tensions with Iran. In a post on his Truth Social platform, Trump called on the government to “drill, baby, drill” and keep oil prices down.
The global oil market has been highly volatile in recent days, with prices spiking after Israeli air strikes on Iranian nuclear facilities. The escalation of conflict in the Middle East has sparked fears of a broader conflict that could impact critical oil shipping routes. This is not only affecting Iran but also other countries in the region, including Saudi Arabia and Iraq.
The rising oil prices pose a significant challenge to Western efforts to curb Russia’s war funding. President Volodymyr Zelensky of Ukraine has warned that a price surge could further embolden Russian President Vladimir Putin, who relies heavily on oil revenues to sustain his country’s invasion of Ukraine.
**US and Israel Conduct Joint Airstrikes on Iran**
In response to the growing tensions, the US joined Israel in conducting airstrikes on three Iranian nuclear facilities – Fordow, Natanz, and Esfahan. The operation has triggered a strong response from Tehran, which has threatened to block the Strait of Hormuz, a key global oil transit route.
US Vice President JD Vance has warned that any attempt by Iran to shut down the strait would have devastating consequences for its own economy. The strait is a vital chokepoint for global energy supplies, with nearly a fifth of the world’s oil passing through it daily.
**EU Postpones Plans to Tighten Russian Oil Price Cap**
In a sign of the growing concern over the situation, the European Union (EU) has reportedly postponed plans to tighten its $60-per-barrel price cap on Russian crude. The mechanism restricts Western firms from shipping or insuring Russian oil sold above that threshold.
The Russian Finance Ministry has relied heavily on energy revenues to sustain defense spending, which hit record highs this year. As the global situation continues to unfold, it remains to be seen how countries will respond to the rising tensions in the Middle East and their impact on the global economy.
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