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Trump sees Iran war ending 'very soon', oil prices then falling
cnbc.com • • general
Key Points:
- President Donald Trump predicted the war in Iran will likely end shortly after the November mid-term elections, expecting energy prices to fall sharply once the conflict subsides.
- Oil prices recently declined after reaching over $100 a barrel, amid reports that Iran and Gulf states will meet in Oman to discuss the Strait of Hormuz, signaling potential diplomatic progress.
- Trump suggested Iran was probably responsible for recent drone attacks on Saudi Arabia's East-West crude oil pipeline, which led to precautionary shutdowns and injuries.
- The Yemen-based Iran-backed Houthi rebels reportedly advanced to Perim Island, a strategic location near the Bab el-Mandeb Strait, raising concerns about control over critical global shipping routes.
- Trump stated that the Houthis have contacted the U.S. indicating they do not want to engage in conflict, while Saudi Arabia's crown prince has urged Trump for U.S. military intervention in response to the Houthi advances.
