President Donald Trump said Sunday that oil prices could fall sharply once the war with Iran ends.
Speaking to reporters before leaving for the Presidents Cup in Chicago, Trump said he expected the conflict to end soon.
He linked a potential drop in oil prices to the end of the fighting and Iran’s surrender.
Trump has made similar comments about energy prices throughout the conflict. Earlier this month, he said oil prices would fall significantly after the war was won.
Trump Says Energy Costs Could Fall
Trump also claimed that prices across the U.S. economy had fallen significantly.
He compared current oil prices with those during Joe Biden’s presidency and said American consumers were seeing lower costs.
Trump also said the United States was exporting large volumes of oil.
He pointed to increased movement through the Strait of Hormuz, a critical route for global energy shipments.
Iran War Keeps Oil Markets Uncertain
Oil markets have remained sensitive to developments surrounding the Iran conflict.
Reuters reported this week that Brent crude was trading near $100 per barrel as investors assessed the possibility of a diplomatic agreement.
U.S. and Iranian negotiators have also explored a phased arrangement involving the reopening of the Strait of Hormuz and changes to the U.S. economic blockade.
However, the outcome of those discussions remains uncertain.
Trump Highlights U.S. Economic Figures
Trump also pointed to what he described as strong U.S. economic figures.
He claimed the country had historically low poverty and record income levels per person.
Those remarks were part of a broader argument that economic conditions had improved under his administration.
Trump Continues to Discuss War’s End
Trump has repeatedly said the Iran war could end soon.
However, Reuters reported earlier this month that he also indicated the conflict could continue until Tehran accepts key terms.
Meanwhile, diplomatic efforts have continued alongside military tensions.
The timing of any agreement remains unclear, while oil markets continue to react to changes in supply risks and developments around the Strait of Hormuz.
Oil Prices Remain Tied to Iran Conflict
The Trump oil prices comments come as the global energy market faces continued uncertainty.
A prolonged disruption to oil shipments could keep prices elevated, while a sustained reopening of major shipping routes could ease supply concerns.
For now, the direction of oil prices will depend on developments in the Iran conflict, energy flows and international negotiations.
