U.S. President Donald Trump has predicted a steep drop in oil prices following what he described as a "victory" in the ongoing conflict with Iran. He also promised Iran would never acquire a nuclear weapon.
Trump stated on his platform "Truth Social" that oil prices "will decrease sharply" once the United States claims victory over Iran, asserting that the drop would be more significant than any other current price declines.
The President expressed confidence that this would swiftly affect fuel prices domestically, forecasting that gasoline prices would fall to $3 a gallon, eventually dropping to under $2 a gallon.
Trump further emphasized that these changes would happen "quickly," although he did not specify a timeline or detail the factors that would drive oil and gasoline prices to these levels.
Pledge on Iranian Nuclear Program
In the same post, Trump reiterated his stance on Iran's nuclear program, affirming that Iran "will never have a nuclear weapon."
His remarks come amid the ongoing conflict with Iran, which has led to disruptions in energy markets and navigation through the Strait of Hormuz, one of the world's critical oil shipment routes.
Trump had previously announced that oil flows through the Strait of Hormuz had almost returned to previous levels, reaching around 18 million barrels per day, as U.S. military forces continue their maritime operations to enforce the blockade on Iran.
Oil prices are influenced by various factors, including global supply and demand, production levels, inventories, and geopolitical risks. Therefore, Trump's prediction of gasoline reaching under $2 a gallon is a political and economic assessment, rather than a guaranteed price or an automatic result of ending the conflict.