Trump predicts oil prices to plunge once Iran war ends

US President Donald Trump predicted that oil prices would plunge once the Iran war ends, adding that the conflict could be over soon.

Trump made the remarks while speaking to reporters on the South Lawn of the White House before departing for Illinois. He also pointed to a record volume of oil transported through the Strait of Hormuz overnight, saying it exceeded pre-war levels.

“Oil will come dropping down as soon as demand gives up, as soon as the war will is over [which will be soon.] Oil is going to come plummeting down and oil prices are coming down. Remember one thing: oil is less expensive now than it was under the Biden administration. With all of that being said, we're taking tremendous amounts of oil out. Last night, we took a record amount of oil out of the Hormuz Strait, more than we took out before the war,” the US president said.

The American leader did not specify how much oil had been transported through the strait.

By Jeyhun Aghazada