US president says oil prices to fall soon as Iran conflict nears end
Donald Trump predicts sharp drop in oil prices once Iran ends its stance, saying the conflict will be resolved soon.
Key Takeaways
AIUS President Donald Trump said today that oil prices will drop "as soon as Iran abandons its position and the war ends, which will happen soon."
Trump added, according to Asharq, "Oil prices will see a sharp decline, and overall prices will also fall. Oil is now less expensive than it was under former President Joe Biden."
The US president also stated that massive quantities of oil have been extracted, noting that a record amount was transported through the Strait of Hormuz last night—more than before the outbreak of the war.
Meanwhile, Iranian parliament speaker Masoud Pezeshkian said Iran no longer trusts negotiations with the United States due to attacks and sanctions. He stressed that talks between the two countries are based on a previous memorandum of understanding, and that Washington must clarify its position on it.