President Donald Trump on Monday championed a “record” decrease in oil prices, adding that Iran “wants a settlement,” remarks that come the evening before voters cast their ballots in the midterm elections.
“Oil Prices are DROPPING LIKE A ROCK, down almost $10 a Barrel, A RECORD, because people feel that there will not be a War with Iran,” Trump said in a Truth Social post. “Iran wants a settlement, as soon as possible. It could happen!”
Crude oil prices closed around $96 per barrel on Monday, according to West Texas Intermediate. Brent crude closed at approximately $104 per barrel, a decrease from the $120 price peak during the Iran war.
The war with Iran has proven to be a festering wound for the Republicans as they seek to maintain control of Congress in the midterm elections. The closure of the Strait of Hormuz, a vital oil artery between Iran and Oman, has sent oil and gas prices on the uptick, squeezing Americans at home.
Trump has repeatedly said the fighting with Tehran is “not a war,” citing how it has been relatively short compared to the wars of the past and how the United States has not launched widespread strikes against Iran in weeks.
“We had a war with Iran. We won, ” Trump said at the Lincoln Memorial Reflecting Pool. “I don’t know if you even call it a war because we haven’t been doing any fighting for months. We control the Strait of Hormuz, strongly control it.”
Still, in his final speech before voters cast their ballots, Trump said he “hopes people recognize” how oil prices have decreased.
“Oil prices are plunging,” he said. “A record, nobody’s ever seen a plunge like this. They’ll be down. I hope people recognize that when they go into the voting booth because we have to stop Iran from having a nuclear weapon.”
The president has said on numerous occasions that Iran is “begging” for a deal, but recently said he is not “in that much of a hurry” to reach a peace deal. He said the lack of urgency is due to the dilapidation of Iran’s military.
TRUMP ON IRAN NEGOTIATIONS: ‘WE’RE NOT IN THAT MUCH OF A HURRY’
Peace talks mediated by Qatar are ongoing, with a draft agreement outlining measures to build confidence before Iran and U.S. negotiators meet to discuss a formal peace agreement, Axios reported. The outlet also reported Vice President JD Vance and special envoy Steve Witkoff are pushing for a diplomatic course rather than resuming strikes.
Trump said over the weekend the possibility of more strikes following the elections remains on the table, saying that despite previous military action, “we still have to take care of, I would say, one or two sites,” adding that there are plans in place to address the remaining infrastructure.