Trump vows oil prices will 'drop rapidly' after end of Iran war

President Donald Trump on Sunday vowed that oil prices would return to normal once the United States achieved its military objectives in Iran.

Oil prices surged to their highest levels since 2008 over the weekend, clearing $120 per barrel. Brent Crude Oil, a key indicator of energy prices, stood at roughly $97.55 per barrel as of press time.

"Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!" he posted on Truth Social.

The energy crunch stems from the de facto closure of the Strait of Hormuz amid the conflict, which has shuttered most oil shipping from the region. Multiple oil firms in the gulf have declared force majeure and major shipping firms have declined to accept new bookings.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.