United States President, Donald Trump, has said that global oil prices could decline significantly in the near future, as markets closely monitor diplomatic developments between Washington and Tehran as well as broader tensions in the Middle East, according to foreign media reports.
Citing a June 1 report by Walter Bloomberg, Trump was quoted as saying that “oil prices will fall like a rock soon.”
The remarks come as the United States and Iran continue discussions linked to a potential ceasefire extension and negotiations surrounding Iran’s nuclear programme. Market sentiment has increasingly been shaped by expectations that reduced geopolitical tensions in the region could ease supply risks and exert downward pressure on crude prices.
Meanwhile, disagreements persist between Washington and Tehran over control of the Strait of Hormuz. The US has maintained its position on restricting access, while Iran asserts that governance of the strategic waterway falls under its jurisdiction.
Investors continue to monitor the progress of US-Iran negotiations and any escalation or easing of tensions in the Middle East, with both factors seen as key influences on the direction of global oil markets.
