FX.co ★ Donald Trump promises sharp drop in oil prices once Middle-Eastern conflict over

US President Donald Trump said global oil prices will plunge quickly once the military confrontation around Iran ends, assuring that “the resolution is not far off.” On his social network Truth Social, the White House chief stressed, “Except for oil, prices are falling sharply, and oil will drop rapidly as soon as the military conflict with Iran is over.” The American leader again blamed the prior Joe Biden administration for the accumulated inflationary backdrop, saying the current spike in hydrocarbon prices is purely a temporary geopolitical phenomenon.

The statement came amid unprecedented volatility in commodity markets. On September 14, Brent crude briefly approached $110 per barrel at midday, but by evening, retreated from local highs to $106 per barrel, gaining 1.3% on the day. The latest spike fits into last week’s uptrend, when a new round of military escalation between Washington and Tehran pushed the price back above the psychological $100 mark per barrel.

Analysts link the latest rally in commodity prices to a severe shock to physical supply. Hydrocarbon shipments from the Persian Gulf were threatened after Saudi Arabia was forced to suspend its last operational overland export route that bypassed the blocked Strait of Hormuz, following strikes on infrastructure. With fuel shortages mounting on world markets and US midterm elections approaching, the White House is trying to calm American voters’ panic with promises of a swift return to normal.