Trump urged stepped-up production as the White House sharpened its warnings to Iran against closing the Strait of Hormuz, a vital oil and gas shipping lane, in retaliation for the US strikes on Iran's nuclear programme. "To the Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!" Trump posted on social media. He added, "EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!"

The push by Trump comes at an uncertain moment as US embassies and military installations in the Middle East are on high alert for potential retaliation. Global markets are trying to ascertain what lays ahead after the US struck key Iranian nuclear facilities with a barrage of 30,000-pound bunker busting bombs and Tomahawk missiles. Iran's parliament has approved cutting off the Strait of Hormuz, a narrow shipping lane in the Persian Gulf that about 20 per cent of global oil and gas passes through. It's now up to Iran's national security council to decide whether to move forward with the idea, which could lead to a spike in the cost of goods and services worldwide. The price of oil jumped 4 per cent shortly after trading began on Sunday night, but it quickly pared back as the focus shifted from what the US military did to how Iran would react.

Oil futures were flip-flopping in Monday morning trading between gains and losses. They still remain higher than they were before the fighting began a little more than a week ago.  White House press secretary Karoline Leavitt warned Tehran anew against closing the strait, saying, "the Iranian regime would be foolish to make that decision." (Jamaica Gleaner)