US President Donald Trump said on Tuesday that oil prices would plummet and predicted the war with Iran would end very quickly. He stated that Tehran wanted to make a deal badly and that there was an abundant supply of oil, which would cause global prices to fall sharply soon.
"There's so much oil out there, they're going to come plummeting down..We're going to end that war very quickly. They want to make a deal so badly...You are going to see oil prices plummet. They're going to come down. There's so much oil out there, they're going to come plummeting down," he said at a press conference.
He also revealed that he was close to ordering attacks on Iran but held off after receiving calls from intermediaries, including Qatar and the UAE, who said Tehran was being reasonable in peace talks. "I was an hour away. We were all set to go... it would have been happening right now," said Trump.
Trump briefed reporters at the White House, mentioning that Saudi Arabia, Qatar, the UAE, Kuwait, Bahrain, and others were involved in the talks, working together as a team.
Trump said he was giving Iran a limited time to make a deal because the country could not be allowed to have a nuclear weapon. He expressed concern that Iran would use such a weapon if it acquired one, describing the leadership as extremely radicalised.
Meanwhile, oil prices eased on Wednesday after Trump’s comments, but investors remained cautious about the peace talks amid ongoing disruptions to Middle East supply. Brent crude futures fell 45 cents to $110.83 a barrel, while US West Texas Intermediate futures dropped 27 cents to $103.88.
Both benchmarks had declined nearly $1 on Tuesday following remarks by US Vice President JD Vance that progress had been made in talks and that neither side wanted to resume military action. Analysts noted that investors were watching closely to see if Washington and Tehran could reach a peace agreement amid shifting US positions.
Despite the easing, some analysts said oil prices were likely to stay high due to the risk of renewed US attacks on Iran and the expectation that crude supply would not quickly return to pre-war levels.
Published on: May 20, 2026 7:52 AM IST
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