Trump repeats Iran situation will end soon, says prices will fall after war
The president’s latest comment adds no new terms on talks, sanctions or military timing, after oil already eased on his no-strike pledge
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President Trump said on Friday that the Iran situation will be over soon, one way or the other, and that prices will come down once the war is resolved.
He has made versions of this claim since late September. Crude fell below $90.50 after he ruled out striking Iran before the election, and he has said his pledge not to strike before November 3 holds, even as the blockade on Iran remains in full force. The Pentagon, meanwhile, continues work on its most detailed strike plan, after Trump had already rejected five earlier ones drafted for him. Axios's Barak Ravid has reported that Trump had decided to strike Iran's nuclear sites last year before publicly denying it.
On the ground, Iran's Revolutionary Guard Navy claims it attacked an LPG tanker in the Strait of Hormuz, reporting a significant fire aboard, and has threatened punishment for ship violations beyond Hormuz. UKMTO and Iranian sources say seven vessel strikes have been logged since late September, with transit running near two vessels a day, far below the pre-conflict average. Russia's Putin has told Iran's Pezeshkian that Moscow is ready to take all measures to end the conflict, without naming any mechanism. Washington and Tehran remain apart on what reopening the strait would require.
Traders have repeatedly seen this kind of rhetoric decouple from actual progress on a deal, including an earlier sanctions-relief offer Trump later denied making. With no new detail on talks, sanctions or military timing, Friday's remark mainly reinforces the lower near-term oil premium that followed his no-strike comment, rather than giving markets anything new to price.