Trump Says Oil Prices Will ‘Fall Like a Rock’ Soon

President Donald Trump said global oil prices could soon drop sharply, as markets watch how US-Iran talks and shifting conditions in the Middle East may affect crude.

Walter Bloomberg reported on June 1 that Trump said “oil prices will fall like a rock soon.”

The comment came as the US and Iran continue talks on extending a ceasefire and negotiating over Iran’s nuclear program. Recent market focus has centered on the view that easing tensions in the Middle East could reduce supply concerns and put downward pressure on oil prices.

At the same time, the US and Iran remain at odds over control of the Strait of Hormuz. The US has said it will maintain its blockade stance, while Iran insists authority over managing the waterway belongs to Tehran.

Markets are watching whether the outcome of US-Iran negotiations and any shift in military tensions across the Middle East become key drivers of global oil prices.