Trump says $98 oil “not a big price” in Iran nuclear context

President Donald Trump has stated that in exchange for Iran’s renunciation of nuclear weapons, an oil price of $98 is not a large amount, The New York Post reports.

In an exclusive Pod Force One interview, he said: “Everyone said it was going to be $300, $400 a barrel, it’s $98 a barrel but that’s not a big price to pay if you look at the possibility of them having a nuclear weapon.”

Trump made it clear that one factor complicating diplomatic efforts right now is Israel’s ongoing military activity in Lebanon, as Tehran has insisted that Israeli operations against Hezbollah must stop before any agreement can be reached on reopening the Strait of Hormuz and advancing negotiations over Iran’s nuclear program.

The US leader noted that he was “a little bit perturbed” at PM Netanyahu’s constant fighting with Lebanon.

While acknowledging frustration that the regional conflict could undermine broader peace efforts, Trump said he still expects a deal “fairly quickly,” pointing to strong US stock market performance as evidence of economic resilience and dismissing forecasts of extreme oil price increases.

A draft understanding between Washington and Tehran could reportedly lead to the reopening of the Strait of Hormuz as soon as this week, easing energy market pressures that have contributed to rising fuel prices and inflation.

However, progress has been inconsistent, with setbacks attributed in part to alleged Iranian hesitation and a slow internal communication process within the Islamic Republic aimed at avoiding targeting of Supreme Leader Mojtaba Khamenei.

Trump said he is not rushing the process and suggested that US naval restrictions near Iranian ports could potentially remain in place until early September, though he described that scenario as unlikely.

“I don’t know. I mean, I think it could be [closed through Labor Day], but I think it’s unlikely. I think that we’ll have it. I think this will resolve itself fairly quickly,” he added.

By Bakhtiyar Abbasov