Trump says oil prices could fall as Iran deal talks intensify, war could end ‘very quickly’

Washington: US President Donald Trump on Tuesday claimed global oil prices could “plummet” soon as tensions with Iran ease and negotiations over a possible deal gather pace.

Speaking during a press conference, Trump said there was “so much oil out there” and insisted that the ongoing conflict involving Iran could end “very quickly” because Tehran was eager to reach an agreement with Washington.

“You are going to see oil prices plummet,” Trump said. “They want to make a deal so badly.”

The remarks come at a time when global markets are closely tracking crude oil movements amid fears of a wider Middle East conflict. Any de-escalation between the US and Iran could ease pressure on international oil supply and fuel prices.

Trump’s latest comments also follow his decision to pause a planned US military strike on Iran after intervention from Gulf leaders, including Tamim bin Hamad Al Thani, Mohammed bin Salman and Mohamed bin Zayed Al Nahyan.

In a Truth Social post, Trump said “serious negotiations” were underway with Tehran and suggested a diplomatic breakthrough was still possible. However, he warned the US remained ready for a “full, large-scale assault” if talks collapsed.

Why are oil prices and Iran talks linked?

Iran remains one of the key players in the global energy market, and any escalation involving Tehran often triggers fears of supply disruptions and higher crude prices.

Trump’s comments signalling a possible deal and reduced military tensions are likely to be seen by markets as a positive sign for oil supply stability.

The US President also stressed that any future agreement with Iran must ensure there are “no nuclear weapons for Iran.”

Trump’s remarks came hours after the US Senate advanced a resolution aimed at limiting presidential war powers related to Iran.

The resolution, introduced by Democratic Senator Tim Kaine, would direct the President to "remove the United States Armed Forces from hostilities within or against Iran, unless explicitly authorised by a declaration of war or a specific authorisation for use of military force."

Four Republican senators, Susan Collins, Lisa Murkowski, Rand Paul and Bill Cassidy, joined Democrats in supporting the move.

Democratic Senator Adam Schiff called it a step toward ending an “unconstitutional war,” while Senator Bernie Sanders said Americans were tired of spending “billions on endless wars.”

With ANI inputs