U.S. President Donald Trump stated on Sunday that global oil prices will drop sharply once the ongoing conflict with Iran concludes, which he predicted will happen soon. Speaking before leaving for the Presidents Cup in Chicago, Trump asserted that fuel and grocery costs are already lower than during his predecessor’s administration.
Global energy markets remain closely tied to the shifting diplomatic and military situation surrounding the Strait of Hormuz, where U.S. and Iranian officials have traded dueling proposals and public rebuffs. While U.S. leaders point to rising cargo flows through the crucial waterway, Tehran insists its negotiating positions remain firm and that it awaits definitive responses through regional mediators.
Trump Links Post-War Oil Prices to Production Records
President Trump told reporters on Sunday that fuel costs are poised to plummet as soon as the conflict reaches a resolution. Oil will come dropping down as soon as Iran gives up, as soon as the war is over, which will be soon,
Trump said before departing the White House for the Presidents Cup at Medinah Country Club in Chicago.
The administration highlighted domestic extraction figures, claiming that overnight production numbers surpassed pre-war levels. Trump maintained that energy costs are lower now than they were under former President Joe Biden, adding that everyday expenses like groceries have also fallen.
“Prices for groceries have come way down from Biden. There we are. Almost every price has come way down, and remember one thing: oil is less expensive now than it was under the Biden administration.”
President Donald Trump, via Associated News International
At the same time, independent economic data reflect ongoing pressures across the freight and retail sectors. U.S. energy data cited by retail trackers showed that average diesel prices reached $6.529 per gallon for the week ending September 21, climbing from $6.285 the previous week.
Strait of Hormuz Shipping Volumes and Ceasefire Rejections
The latest remarks follow intense diplomatic friction over maritime navigation in the Middle East. On Saturday, Trump rejected a conditional Iranian proposal transmitted via Qatar that would have reopened the Strait of Hormuz within seven days under specific terms. Iranian state-affiliated media reported that Trump bluntly stated, I reject this agreement,
claiming that they are severely failing.
Despite ongoing war constraints, shipping data indicates that tanker traffic has experienced surges. U.S. Energy Secretary Chris Wright noted that average oil flows through the strait stood near 13 million barrels per day, with single-day volumes exceeding 20 million barrels the previous week.
Tehran Awaits Definitive Opinions from Intermediaries
Responding to Washington’s rejection, Iranian Foreign Minister Seyyed Abbas Araghchi stated that Tehran has observed the initial reaction from the U.S. president but is waiting for formal word from mediators. Speaking to reporters on the sidelines of the United Nations General Assembly, Araghchi emphasized that Iran’s operational plans were thoroughly discussed with intermediaries.
We have seen the first reaction from the U.S. President, but nothing has been conveyed to us from the mediators yet,
Araghchi said, according to his official Telegram channel. We are waiting for the definitive opinions to be conveyed to us by the mediators, and we will make a decision based on that.
Iranian President Masoud Pezeshkian echoed those defiant remarks, stating that Tehran will not retreat in the face of pressure from the United States and Israel. Meanwhile, sources close to Trump indicate that he plans to continue fighting until Tehran agrees to key concessions, particularly regarding its nuclear weapons.
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