Former US President Donald Trump has made a striking prediction, stating that global oil prices are set to plummet and that the ongoing conflict with Iran will conclude “very quickly.” His remarks came as he revealed he was moments away from ordering military action against Iran but decided against it following interventions from several intermediary nations.
Near-Strike Averted by Diplomatic Efforts
Trump disclosed that he was within an hour of authorizing attacks on Iran, with all preparations made for military strikes. However, he paused the operation after receiving calls from various intermediaries, including officials from Qatar, the United Arab Emirates (UAE), Saudi Arabia, and Kuwait. These nations reportedly conveyed that Tehran was demonstrating reasonableness in peace discussions.
“I was an hour away. We were all set to go... it would have been happening right now,” Trump stated during a press conference at the White House. He emphasized that these countries, along with Bahrain, were working collectively as a team to facilitate a resolution.
Iran's Desire for a Deal and Nuclear Concerns
According to Trump, Iran is eager to finalize a deal, a sentiment he believes will contribute to a swift end to the conflict. He reiterated his firm stance that Iran must not be permitted to acquire a nuclear weapon, expressing deep concern that such a weapon could be used by what he described as an “extremely radicalized” leadership.
“There's so much oil out there, they're going to come plummeting down... We're going to end that war very quickly. They want to make a deal so badly,” Trump asserted, linking the abundant oil supply to the anticipated price drop and the urgency of a resolution.
Market Reaction and Lingering Caution
Following Trump's comments, global oil prices saw a slight easing. Brent crude futures decreased by 45 cents to $110.83 a barrel, while US West Texas Intermediate (WTI) futures dropped 27 cents to $103.88. This decline built on a nearly $1 fall from the previous day, which was influenced by similar remarks from US Vice President JD Vance, indicating progress in talks and a mutual desire to avoid further military action.
Despite the immediate market reaction, investors remain cautious. Analysts noted that the shifting US positions require close monitoring to determine if a lasting peace agreement can be reached between Washington and Tehran. The risk of renewed US attacks on Iran and the uncertainty surrounding the quick return of crude supply to pre-war levels mean that some analysts still anticipate oil prices to remain elevated in the near term.