US President Donald Trump has confidently predicted oil prices would drop sharply when the US wins its the war with Iran. He predicted that US petrol prices could eventually fall below $2 per gallon.
In a post on Truth Social early Tuesday morning, Trump said markets would stabilise after what he described as a US victory. He linked high energy prices to the ongoing turmoil in the Middle East.
He said, “Oil prices will drop precipitously, like everything else is dropping (but more!), when we WIN the war with Iran,” Trump wrote. “Three Dollars a gallon, but ultimately, below Two Dollars a gallon.”
Trump also reaffirmed that Iran would not acquire nuclear weapons. “It will all happen quickly, and Iran will never have a Nuclear Weapon. MAGA!” he said.
Iran warns US against targeting energy infrastructure
Trump’s remarks came as tensions between Washington and Tehran intensified, with Iranian officials threatening to retaliate against any attacks on the country’s oil infrastructure.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Iran’s oil and gas production network remains vulnerable to attack. However, he warned that Iran would retaliate against any attack on its property.
“American oil and gas companies across these waters and facilities share that exposure. Strike our assets, and you get struck. We’ve already proven it. Ask the bases that are no longer viable.”
Ghalibaf made the remarks in response to US Secretary of War Pete Hegseth’s threat to target Iranian oil tankers if Tehran attacked US ships.
“It’s straightforward: we will destroy (and sink) Iran’s oil tankers if they fire at American ships. They just need to refrain from shooting at @USNavy. Iran lacks an air force and a navy, therefore its fleet of oil tankers is helpless. They can all be hit by our aircraft, ships, and submarines in @CENTCOM & @USPACOM,” Hegseth said.
According to the US Central Command (CENTCOM), three Iranian oil tankers targeted by US forces had links to a multibillion-dollar network that allegedly finances the Islamic Revolutionary Guard Corps and its regional proxies.
CENTCOM Commander Adm. Brad Cooper said the US would continue protecting its forces and could target Iran’s oil fleet if necessary.
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Oil prices remain elevated amid Middle East tensions
The warnings come as crude oil prices remain near multi-week highs, driven by escalating concerns over potential disruptions to critical maritime shipping routes and global energy supplies.
West Texas Intermediate crude futures for October delivery recently traded near $92.37 per barrel, while Brent crude futures for November hovered around $97.08 per barrel.
Market analysts warn that a prolonged conflict could push energy prices significantly higher. Brett Erickson, managing principal at Obsidian Risk Advisors, noted that crude oil prices could eventually surpass $100 per barrel if supply disruptions persist.
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