The war in Iran will likely end soon after November's mid-term elections, President Donald Trump said Saturday, and predicted that energy prices would fall sharply once that happens.
"I think very soon, I think it'll be right after the mid-terms, actually," Trump said on a trip to Ireland when asked by reporters when the Iran war is likely to end. "I would say shortly, and oil will come tumbling down when that happens,"
Oil prices retreated on Friday, but notched sharp weekly gains after soaring above $100 a barrel for the first time in months.
Brent crude oil futures, the global benchmark, settled down 2.8% at $104.61 a barrel. U.S. West Texas Intermediate was down 2.4% to settle at $100.05 per barrel. On Thursday, Brent crude peaked at around $108 a barrel, while WTI hit more than $104.
The price decline came after Iranian state media said Tehran will meet with Gulf states in Oman to discuss the Strait of Hormuz, indicating some diplomacy is taking place despite a week of sharp escalation.