President Trump Says Oil Prices Fall Lower Again

Trump says oil prices might fall even more as markets respond positively to proposed Iran deal

U.S. President Donald Trump said oil prices could continue to fall and financial markets are responding well to a proposed deal involving Iran. His comments came after global stocks rallied and crude oil prices fell after weeks of geopolitical uncertainty in the Middle East.

“The stock market rally and the declining energy prices show that the investors are happy with the deal,” Trump said, referring to the proposed deal. “The deal not only promotes economic stability, it prevents Iran from obtaining a nuclear weapon,” Trump said.

Trump said of the market’s reaction to the negotiations: “The stock market has gone through the roof and oil has come tumbling down.” He also mentioned attempts to reopen the Strait of Hormuz, a major shipping lane for the world which has seen heightened tensions in recent weeks.

Trump also stated that U.S. military operations were a significant factor in keeping oil prices from rising sharply during the conflict. The U.S. Navy has been conducting a wide range of nightly operations against maritime threats, often without public disclosure, he said.

“The oil didn’t go down because we took ships out every night that you didn’t even know about,” Trump said. He added that U.S. forces cleared 15 to 25 ships a night, including 22 ships during one recent operation.

Those moves helped keep crude oil prices from soaring as high as $300 a barrel, Trump said. Instead, he said prices spiked briefly to the $125 to $150 range before retreating. Oil is trading just south of the $70 mark at the moment, Trump said, and the more the region stabilizes, the lower the prices could go.