US President Donald Trump has said oil prices will fall sharply once the military conflict with Iran ends, also stating that crude is currently an exception to broader price declines across the US.
In a post on Truth Social, Trump said price increases across America were caused by former President Joe Biden and his administration. He also pointed to oil prices, saying crude was higher during Biden's presidency than it is now.
Trump Links Oil Prices To Iran Conflict
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“Oil will drop like a rock as soon as the Military Conflict with Iran is over,” Trump said in the post, referring to the ongoing conflict with Iran, which has been driving crude prices up.
Trump also wrote that the US had prevented Iran from obtaining a nuclear weapon and described the current military conflict with the country as temporary. He added that the conflict would end soon, without giving a specific timeline.
His comments come as oil prices remain volatile around developments in the Iran and the US situation, which has been disrupting global crude supplies and trade routes for a prolonged period now.
Also Read: US Could Keep Iran's Oil After The War? Trump Clarifies
Crude Prices In Focus
On Tuesday, Sept. 15, at around 0026 GMT, Brent crude futures rose 1.18% to $106.93 per barrel, while West Texas Intermediate futures rose $1.29 or 1.24% to $102.65 per barrel.
Oil prices have remained in focus, as the same has been highly sensitive to geopolitical developments in the Middle East, while investors are continuously assessing the potential impact on supply and transportation as the conflict escalates further.
Trump's latest remarks suggest that he expects the geopolitical premium in crude prices to unwind once the conflict ends. A reduction in tensions could ease concerns around supply disruptions and put downward pressure on oil prices.
Trump also defended his administration's handling of inflation, saying that, apart from oil, prices in the US are “coming down sharply”.
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