Trump said that oil from the Strategic Petroleum Reserve or SPR would be used "to keep the markets well-supplied." The US reserve is the largest backup pool of oil.
US oil futures were trading at more than USD 60 a barrel -- a spike of nearly 10 per cent -- in New York on Monday morning.
Futures of Brent crude, the global benchmark, traded at more than USD 66 per barrel, up 10 per cent. Gasoline futures were up more than 9 per cent.
On Saturday, a major Saudi Arabian oil processing facility and oilfield was drone-attacked causing a huge fire at the site.