U.S. President Donald Trump said on Sunday that oil prices would fall sharply once the war with Iran ends, predicting the conflict would be over “soon” and saying prices would come “plummeting down” once Tehran gives up. Trump also claimed a record amount of oil had moved through the Strait of Hormuz overnight, although available Kpler shipping data did not independently confirm that claim. The war, which began on February 28, has severely disrupted shipping through the strategic waterway, which previously carried roughly 20% of global oil and liquefied natural gas supplies. Trump made the remarks a day after rejecting an Iranian proposal to reopen the strait.
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