President Donald Trump on Monday warned oil producers against price hikes following U.S. airstrikes on Iran’s nuclear sites over the weekend.
The remarks come despite the White House playing down market concerns. National Economic Council Director Kevin Hassett told CNBC that the strikes “have not really disrupted global oil markets,” citing ample reserves.
“Excess reserves globally are nearly three times Iranian output,” Hassett said.
The president’s demand to boost U.S. oil production appears aimed at containing any potential price spikes amid mounting tensions in the Middle East.
Oil prices rose modestly in early trading Monday but remained below crisis levels.
