That's because a sustained surge in oil prices stemming from US involvement in the Israel-Iran conflict could complicate the outlook for inflation. Others in the administration have also piled on, blaming the central bank for things like the housing supply crunch. Oil producers in the Middle East account for around a third of the world's oil supply, the bank added. The president demanded that oil prices stay low in a post on Truth Social on Monday. "EVERYONE, KEEP OIL PRICES DOWN.