Trump’s crude response shakes the chessboard
While President Trump has gained a reputation for impulsive announcements, his recent tweet is highly likely to be part of his administration’s strategy to impact the oil price, following the historic crash in West Texas Intermediate and Brent crude
This intervention in the Middle East Gulf should be seen through the prism of the impending US election. Furthermore, this single tweet alone is unlikely to return oil to a sustained price where US shale can compete. Worryingly, this may signify that the US is preparing for a longer-term escalation of tensions in the region