Trump expects sharp drop in oil prices after Washington-Iran confrontation
President Donald Trump predicted a sharp decline in oil prices once the military confrontation between Washington and Tehran ends, and pointed to oil tankers waiting to transit the Strait of Hormuz. In markets, Brent jumped about 3% to more than $117 per barrel.
President Donald Trump predicted a sharp decline in global oil prices as soon as the military confrontation between Washington and Tehran ends and energy supplies in the region stabilize.
Trump said in remarks to reporters that the current rise in oil prices is temporary, adding that prices will fall significantly over a short period once the war with Iran ends.
He pointed to oil tankers waiting to transit the Strait of Hormuz, and said the United States would work to get those ships moving very quickly.
He also noted that the U.S. oil and gas sector is making hundreds of billions of dollars as a result of developments in the Middle East.
On markets, global oil prices jumped about 3% on Friday evening, with Brent crude surpassing $117 per barrel for the first time since March 19 amid rising tensions in energy markets.
