Trump Predicts Oil Prices Will Plummet After War with Iran Ends

US President Donald Trump claimed that oil prices will plummet after the war with Iran ends, despite current prices soaring past $97 a barrel. In a post on Truth Social, he stated that 'Oil prices will drop precipitously' and gas prices would fall to below $2 per gallon.

The US has been at war with Iran since February 28, and tensions over the Strait of Hormuz continue to escalate. On Saturday, the US struck three Iranian oil tankers, prompting a response from Iran's Islamic Revolutionary Guard Corps (IRGC), which targeted three US-linked vessels in other areas.

Brett Erickson, Managing Principal at Obsidian Risk Advisors, believes that as the war continues with no peace deal in sight, oil prices could surge to $115 per barrel by the end of the year. He stated that 'the primary concern is that NOBODY on earth believes a deal is imminent anymore.'

Oil prices have been climbing steadily since the Labor Day weekend, with Brent crude futures expiring in November trading at $97.08 per barrel and WTI crude futures expiring in October trading at $92.37 per barrel.