U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East. Both global and U.S. oil prices surged more than 4% on Wednesday to their highest levels since early April before easing a bit on Thursday.
“I don’t like – the oil prices have gone up just a little bit over the last few days,” Trump said at a White House event. “It’s gonna keep going down a little bit, right? Because we have inflation under control.”
Prices moved higher on the news that the U.S. was moving personnel from the Middle East ahead of talks with Iran over that country’s nuclear-related activity.
Trump said the U.S. was moving personnel because the Middle East “could be a dangerous place”. He also said the U.S. would not allow Iran to have a nuclear weapon.
Tehran has said its nuclear activity is for peaceful purposes.
Increased tension with Iran has raised the prospect of disruption to oil supplies. The sides are set to meet on Sunday.
(Reporting By Jeff Mason and Jarrett Renshaw;; Editing by Chizu Nomiyama)