Trump Predicts Oil Prices Will 'Drop Precipitously' with Iran War Win

President Trump has stated that oil prices will 'drop precipitously' once the Iran war is won. He made this claim on Truth Social, mentioning that gas prices would fall to below $2 per gallon.

The current record-high gas price in the US stands at an average of $4.15 per gallon, while diesel has reached its highest price ever at an average of $5.85 a gallon. The conflict with Iran has disrupted one-fifth of the world's oil supply from exiting the Middle East, leading to skyrocketing energy prices for over six months.

Iranian officials have announced that a new restricted zone will be declared in the next few days, which would place commercial vessels entering the zone without cooperating with the Iranian government on a sanctions list.

The US Energy Secretary Chris Wright has downplayed the likelihood of gas prices continuing to rise, stating 'prices were more likely to go down than up.' However, he also noted that a nuclear agreement with Iran may await a next administration.