Source : BRICS NEWS
WASHINGTON, November 3 – United States President Donald Trump said on Monday (November 2) that oil prices were “dropping like a rock” because people believe there will not be a war with Iran, as shared by BRICS News on X.
Mr Trump made the remark in a post on his Truth Social platform on the eve of the US 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. Iran wants a settlement, as soon as possible. It could happen!” he wrote.
Markets did fall sharply. NBC News reported that international benchmark Brent crude fell 7.6 per cent to close at $104.77 a barrel on Monday, while US crude dropped 7.3 per cent to $96.46. NBC said these were the largest one-day percentage falls since July 27.
According to NBC News, both benchmarks also recorded their largest single-day drop in dollar terms since April 17. Diesel futures slid 5.4 per cent on the day, their biggest one-day fall since May 6.
Traders had been on edge after several reports in the past week suggested Mr Trump could resume striking Iran after Tuesday’s midterm elections, which analysts feared could lead Iran to again target energy facilities across the Middle East.
The slide followed a series of signals from Tehran that it would continue diplomacy. Iran’s IRNA news agency quoted President Masoud Pezeshkian as saying the Supreme Leader had granted the government certain authorities to seek a resolution through dialogue.
Speaking to reporters in Washington, Mr Trump said: “Oil today is down $10. And it’s going to go down a lot further because we’re winning with Iran, easily winning.”
In a separate phone interview with Axios on the same day, Mr Trump said he was “in no rush” to decide whether to resume military action. “One way or the other, we will do something, but there is no rush,” he said, adding that negotiations with Iran were “going fine”.
Iranian Foreign Minister Abbas Araghchi said consultations through mediators including Qatar and Pakistan were “very intensive”, and Tehran has offered to reopen the Strait of Hormuz within two days if its demands are met.
Energy analysts caution that markets remain exposed. Global oil prices have risen about 45 per cent since the Iran war began in late February, according to NBC News, and diesel prices have climbed even more steeply this year.
After markets closed, NBC News asked Mr Trump whether he was considering striking Iran after the midterms. He replied “No” twice, and prices continued to fall as his answer circulated online.
Bank of America’s Francisco Blanch wrote in September that a broader conflict causing major damage to energy infrastructure could push prices as high as $150 a barrel, while continued skirmishes curbing oil flows into the year end could keep Brent in a range of $95 to $120.
US Vice President JD Vance separately said that both he and Mr Trump were optimistic about reaching an agreement with Tehran. “We’ve certainly made some progress. We’ll see if we can make some more,” he told reporters.
The midterm elections, which decide control of the US Congress, are being held on Tuesday (November 3), and high fuel prices have been a major concern for voters.
Source: BRICS News on X
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