US President Donald Trump has predicted a sharp fall in oil and gasoline prices once the United States wins its war with Iran, saying fuel prices could eventually drop below $2 per gallon.
Trump made the remarks on Truth Social as oil prices surged to six-week highs, with the conflict continuing to disrupt energy markets and raise tensions around the Strait of Hormuz.
In a post on Monday, Trump said oil prices would fall “precipitously” once the war with Iran ends and markets begin to stabilise.
“Three Dollars a gallon, but ultimately, below Two Dollars a gallon,” Trump wrote, referring to gasoline prices.
He linked the current increase in energy costs to the ongoing military conflict in the Middle East and suggested that prices would decline rapidly after the United States achieves what he described as victory.
“It will all happen quickly, and Iran will never have a Nuclear Weapon. MAGA!” Trump added.
The president again stressed that Washington would not allow Iran to acquire a nuclear weapon.
Oil prices remain elevated amid Iran war
Trump’s prediction comes as crude prices have moved sharply higher during the conflict.
Brent crude prices climbed above $97 a barrel, reaching a six-week high on Monday, while concerns over disruptions to shipping through the Strait of Hormuz continued to weigh on energy markets.
At the time of the report, November Brent crude futures were up about 0.08% at $97.08 per barrel.
October West Texas Intermediate (WTI) crude futures were trading at $92.37 per barrel, representing an increase of nearly 1%.
Oil prices continued rising over the Labor Day weekend as fighting between the United States and Iran intensified.
US and Iran trade strikes on oil tankers
The United States and Iran have been at war since February 28, with tensions increasingly centred on the Strait of Hormuz, a critical route for global energy supplies.
The United States struck three Iranian oil tankers on Saturday, according to the report. Iran’s Islamic Revolutionary Guard Corps (IRGC) subsequently responded by striking three tankers and three US-linked vessels in other areas.
The exchanges have heightened concerns about further disruption to energy shipments and added pressure to already elevated oil prices.
Ghalibaf warns US against targeting Iran’s energy facilities
Earlier on Monday, Iranian Parliament Speaker Mohammad Bagher Ghalibaf issued a strong warning to Washington against targeting Iran’s energy infrastructure.
In a post on X, Ghalibaf said Iran’s oil and gas production chain is “sprawling, accessible, and exposed.”
He warned that American oil and gas companies operating across the region and their facilities share that vulnerability.
“Strike our assets, and you get struck. We’ve already proven it. Ask the bases that are no longer viable,” Ghalibaf said.
The warning came as tensions continued to rise over Iran’s energy sector and the broader military confrontation.
US claims over Iranian oil fleet
Ghalibaf made the comments while resharing a post by US Secretary of War Pete Hegseth, who claimed that Iran’s oil tanker fleet was “defenceless.”
Hegseth has also reiterated Washington’s claims that US military operations have destroyed significant parts of Iran’s navy and air force.
In an image accompanying his post, Ghalibaf warned that a “lost decade” for the US economy was coming, blaming what he described as decisions by officials at the US Department of War.
His remarks underscored Tehran’s warning that attacks on Iranian energy assets could trigger retaliation against US interests in the region.
The continuing confrontation around the Strait of Hormuz remains a major factor in global oil markets. The strategic waterway is vital to international energy shipments, meaning any prolonged disruption could keep prices elevated and increase pressure on economies that rely heavily on oil and gas imports.
Trump, however, has maintained that energy prices will fall rapidly once the conflict ends and the United States achieves its objectives.
For now, the opposing positions from Washington and Tehran, combined with continued attacks on vessels and energy infrastructure, have left global markets facing heightened uncertainty over the future direction of oil prices.
