Mayur MohtaUS President Donald Trump predicted that global oil prices will drop sharply falling even below what they were before the conflict began once a deal with Iran gets finalized. Trump also suggested the agreement could be signed as early as this weekend, somewhere in Europe.
Trump Predicts a Sharp Oil Price Drop After Iran Agreement
US President Donald Trump made a bold prediction on Thursday oil prices will fall dramatically once a deal with Iran is locked in. He told reporters gathered at the White House that prices would sink well below the levels seen before the conflict erupted.
“Oil prices will start to drop to I think below where they were before,” Trump told White House reporters directly.
Cheaper Oil Could Pull Down Prices Across the Board
Trump did not stop at oil. He went further saying that when oil prices decline, the cost of other everyday goods will follow suit. That could offer some relief to American consumers who have been dealing with higher prices for months.
Weekend Deal in Europe Could Be on the Cards
Trump stated Thursday that, in his assessment, Iran’s leadership has already approved the terms of a new agreement with the United States. He said the deal could be signed as early as the coming weekend and that Europe is the likely venue for the signing.
The announcement adds fresh momentum to what has been a closely watched diplomatic effort. A finalized Iran deal would carry major implications not just for regional security, but for global energy markets that have been jittery since hostilities began.
Akshay Didwaniya
Pratik Agrawal