US President Donald Trump has said he expects the ongoing war with Iran to end soon after the US midterm elections in November, while predicting that oil prices will fall sharply once the conflict comes to an end.
Speaking to reporters in Dublin on Saturday, Trump suggested that Iran was trying to prolong the conflict to influence the US election. He said he believed the war would probably end shortly after the midterm elections.
“When that happens, oil prices will come tumbling down,” Trump said, linking the expected end of the conflict to a possible decline in global crude prices.
The remarks come as the Iran-US conflict continues to affect energy markets and regional security. The war began on February 28 following US-Israeli strikes that killed Iran’s former supreme leader, Ayatollah Ali Khamenei. Iran responded with attacks across the region and subsequently imposed a blockade on the Strait of Hormuz, one of the world’s most important oil shipping routes.
The strategic waterway previously carried around one-fifth of global oil supplies. Its prolonged disruption has created concerns over energy supplies and contributed to a sharp rise in crude prices.
Oil prices crossed $100 a barrel this week as the blockade continued for more than six months. The conflict has therefore become a major concern for countries dependent on imported energy.
Meanwhile, Iranian President Masoud Pezeshkian said Tehran does not want war or a continuation of the conflict. Speaking on the sidelines of the BRICS Summit in New Delhi during a meeting with Malaysian Prime Minister Anwar Ibrahim, Pezeshkian said countries in West Asia should not depend on the United States to act as a regional “policeman”.
He argued that the security and territorial integrity of the region should be protected by the countries located there.
Pezeshkian also stressed that peace remained Iran’s priority despite what he described as injustices suffered by the Iranian people.
Efforts to find a diplomatic solution have so far failed to produce a lasting breakthrough. A deal reached in June collapsed soon afterwards, while fighting has continued at a lower level.
The United States has yet to present a clear pathway for ending the conflict, while Iran continues to maintain pressure around the Strait of Hormuz.
Trump’s latest comments could raise expectations of a possible political or diplomatic breakthrough after the US midterm elections. However, there has been no confirmed agreement between Washington and Tehran to end the war.
For now, the conflict continues to pose risks to regional stability and global energy markets, with the future of the Strait of Hormuz remaining a key factor for oil prices.
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