President Donald Trump told a press conference on Jan. 8 that the United States’ increased petroleum production has left the country better poised to withstand oil supply disruption from geopolitical shocks such as Iran’s missile strike against two Iraqi military bases housing U.S. forces.
Brent crude oil futures, a proxy for supplies from the Middle East, first spiked to over $70 per barrel on news of Iran’s missile strike, before plummeting in just hours of trading to $65 per barrel, levels not seen since before a U.S. drone killed Iranian Gen. Qassem Soleimani last week.
