Commodities
Trump Predicts Plunging Oil Prices After War With Iran
US President Donald Trump has stated that oil prices will plummet once the war with Iran is over. He cited increased oil flows through the Strait of Hormuz as evidence that demand will give up, leading to a drop in prices.
In a phone interview with Axios, Trump said 'oil is going to come plummeting down and oil prices are coming down'. He also mentioned that the US took a record amount of oil out of the Hormuz Strait last night, more than before the war.
However, Iranian Foreign Minister Abbas Araghchi stated that Tehran was aware of Trump's comments but had not received an official response through mediators. Iran is still awaiting a definitive US response to its proposal for reopening the Strait of Hormuz.