Trump: Oil Prices to Plummet Once War with Iran Ends

U.S. President Trump predicts that oil prices will plummet once the war with Iran ends 'very soon'. According to Trump, increased oil flows through the Strait of Hormuz are already causing demand to wane, and as a result, oil prices will drop sharply. He pointed out that the U.S. has been taking 'tremendous amounts' of oil out of the strait, with a record amount extracted last night.

Trump made these comments on Sunday while boarding Marine One for Medinah, Illinois, and emphasized that oil is currently less expensive than it was during the Biden administration. He rejected Iran's latest proposal to fully open the Strait immediately, stating that Tehran wants an immediate reopening as its position weakens.

The impasse between Washington and Tehran over the Strait of Hormuz continues, with Iranian President Masoud Pezeshkian saying last week that his country will not permit freedom of navigation through the strait as long as U.S. sanctions and the blockade remain in place.