- Trump predicted a sharp drop in global oil prices with Iran conflict resolution expected soon
- Trump said Iran is eager to negotiate and the war would end quickly
- US Senate passed a resolution to limit Trump’s war powers on Iran in a 50-47 vote
US President Donald Trump predicted a dramatic fall in global oil prices, signaling confidence that an ongoing conflict with Iran would be brought to a swift conclusion.
Speaking from the White House, Trump said that Iran was eager to negotiate an end to hostilities.
"We're going to end that war very quickly," Trump told the audience. "They want to make a deal so badly. You are going to see oil prices plummet. They're going to come down. There's so much oil out there, they're going to come plummeting down."
The development comes amidst the US Senate earlier in the day passing a resolution seeking to limit President Trump's war powers in Iran, according to CBS News.
Senators approved a motion to discharge the resolution from committee in a 50-47 vote, with four Republican lawmakers joining most Democrats in support of the measure, CBS News reported. This was the eighth such attempt by Senate democrats to pass such a resolution.
The resolution, introduced by Democratic Senator Tim Kaine, would direct the President to "remove the United States Armed Forces from hostilities within or against Iran, unless explicitly authorised by a declaration of war or a specific authorisation for use of military force.", CBS reported.
ALSO READ: Oil Near Recent Highs; Brent Crude Under $111 After Trump Revives Threat of Strikes on Iran
The development follows the ongoing negotiations related to peace deal between US and Iran, followed by Trump's earlier announcement to put a "planned attack" on Tehran on hold after appeals from Qatar, Saudi Arabia and United Arab Emirates (UAE).
In a long Truth Social post on Monday, President Trump stated that Qatar Emir Sheikh Tamim bin Hamad Al Thani, Saudi Crown Prince Mohammed bin Salman and UAE President Mohamed bin Zayed Al Nahyan requested him to delay the scheduled American attack on Iran, as "serious negotiations" were still underway with the country.
President Trump stressed that the US had "planned" military action against Iran on Tuesday; however, it was delayed after the intervention of Gulf leaders in the hope of a peace deal with Tehran.
ALSO READ: Trump Says Was Hour Away From Launching Fresh Iran Strikes; Reprieve 'Only Till Next Week'
The conflict with Iran, which escalated earlier following a series of confrontations in the Strait of Hormuz, has drawn international concern over the potential disruption of one of the world's most critical oil shipping lanes.
Oil prices have, since then, remained elevated amid the conflict, with supply chain uncertainty and regional instability pushing Brent crude above key resistance levels.
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