DUBLIN, IRELAND — U.S. President Donald Trump stated on Saturday that the war in Iran is likely to conclude shortly after the upcoming midterm elections in November. Speaking to reporters during a two-day non-state visit to Ireland, the president predicted that energy prices would drop significantly once the conflict ends.
“I think very soon, I think it’ll be right after the mid-terms, actually,” Trump said. “I would say shortly, and oil will come tumbling down when that happens.”
Oil prices saw a modest retreat on Friday, although they have recorded substantial weekly gains after breaching the $100-a-barrel threshold for the first time in months. Brent crude oil futures, the international benchmark, fell 2.8% to settle at $104.61 per barrel. U.S. West Texas Intermediate (WTI) declined 2.4% to close at $100.05 per barrel. Earlier in the week, Brent had surged to approximately $108, while WTI exceeded $104.
The recent price dip follows reports from Iranian state media indicating that Tehran plans to hold talks with Gulf states in Oman regarding the Strait of Hormuz, signaling ongoing diplomatic efforts despite a week of intensified military escalation. According to reports from MS NOW, citing a senior government official and a Gulf diplomat, Iranian and Gulf representatives are scheduled to meet in Muscat on Monday to sign an agreement establishing an Iran-Oman shipping route through the strait.
Despite these diplomatic signals, Iranian President Masoud Pezeshkian remained defiant. Addressing a gathering of Indian religious leaders in New Delhi over the weekend, Pezeshkian declared that his nation would not yield to what he described as bullying arrogance from the United States and Israel.
“Iran has successfully stood against Israel and the U.S.,” Pezeshkian said. “Since we are seeking truth and justice, we will not yield.”
Pezeshkian’s remarks followed Trump’s assertion earlier in the week that Iran would have devastated Israel and the Middle East, as well as attacked U.S. cities, had Washington not undertaken military action.
Saudi Pipeline Attack
Trump also indicated that Iran was likely responsible for recent drone attacks on Saudi Arabia’s critical East-West crude oil pipeline. The pipeline, which has a capacity of 7 million barrels per day, is a vital alternative route for Saudi exports to the Red Sea, bypassing the Persian Gulf amid the conflict over the Strait of Hormuz.
Saudi authorities confirmed on Friday that the pipeline was shut down as a precaution following multiple drone strikes launched from Iraq on Thursday morning. The attacks, which targeted the Riyadh and Medina regions, caused fires and damage, and resulted in several injuries. Emergency teams were subsequently deployed to assess safety and secure the site.
Trump noted that he discussed the incident with Saudi Crown Prince Mohammed bin Salman.
Houthi Advances in Yemen
Regarding the conflict in Yemen, Trump claimed that Iran-backed Houthi rebels had contacted his administration and expressed a desire to avoid conflict with the United States. “The Houthis called us and they don’t want to fight with us,” Trump said.
This statement came as reports emerged that Houthi forces had advanced toward Perim Island, a strategic rocky outcrop in the Bab el-Mandeb Strait. The move, if confirmed, would follow the group’s seizure of the Red Sea port city of Mokha on Friday. Several news agencies cited Yemeni government sources regarding the advance, though CNBC was unable to independently verify the report.
The rapid ground offensive represents a significant setback for Saudi Arabia and the Yemeni forces it supports, potentially placing Iran and its proxies in a position to control two key global shipping chokepoints: the Bab el-Mandeb Strait and the Strait of Hormuz.
Concerns are mounting that Houthi control over the Bab el-Mandeb could disrupt global trade, particularly if the group escalates threats or attacks on Red Sea shipping. In response to the escalating situation, Saudi Crown Prince Mohammed bin Salman reportedly pressed Trump directly for U.S. military intervention, according to MS NOW.
Trump says Iran called? Convenient. I’d like to see the receipts before trusting this narrative.
If the Houthis actually take Perim Island, the Bab el-Mandeb route is lost. That changes everything.
Pezeshkian isn’t backing down. Diplomatic talks in Oman don’t erase months of hardened rhetoric.
Oil dropping below $100 would be a massive relief for my wallet. Let’s hope he’s right.
Sounds like classic electioneering. Markets shouldn’t bet everything on a timeline that convenient.