Donald Trump said on Tuesday that global oil prices are expected to fall sharply soon and expressed confidence that tensions involving Iran could be resolved quickly through negotiations.
Speaking during a press conference at the White House, Trump claimed there was an abundant supply of oil in the global market and predicted that prices would “plummet” in the near future. He also stated that Iran was eager to reach a deal and suggested that ongoing discussions were moving in a positive direction.
Trump revealed that he had previously come close to authorising military strikes on Iran but ultimately decided against it after receiving communication from intermediaries, including officials from Qatar and United Arab Emirates, who reportedly conveyed that Tehran was showing willingness during peace negotiations.
According to Trump, several Gulf nations including Saudi Arabia, Qatar, the UAE, Kuwait, and Bahrain were participating in diplomatic efforts aimed at easing tensions in the region.
Trump also reiterated his stance that Iran should not be allowed to develop nuclear weapons, saying the United States was giving Tehran limited time to reach an agreement. He described concerns over Iran’s nuclear ambitions as a major factor behind the ongoing pressure for negotiations.
Meanwhile, oil prices moved slightly lower on Wednesday following Trump’s remarks, although investors remained cautious because of continuing uncertainty surrounding Middle East tensions and energy supplies.
Brent crude futures reportedly declined by 45 cents to $110.83 per barrel, while U.S. West Texas Intermediate crude futures dropped 27 cents to $103.88 per barrel.
The market had already reacted earlier after comments from JD Vance, who stated that progress had been made in negotiations and suggested that neither side was currently interested in restarting military action.
Despite the temporary easing in prices, analysts believe oil markets could remain volatile due to concerns over possible renewed conflict and uncertainty about how quickly regional crude supplies could fully stabilise.
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