Trump says Iran war will eventually reduce oil prices

President Donald Trump argued on Monday that the war with Iran would ultimately lead to lower oil prices in the long run, despite the current spike in markets caused by the disruption of shipments through the nearby Strait of Hormuz.

“The Strait of Hormuz is going to remain safe,” he said during a news conference. “We’re putting an end to all of this threat once and for all, and the result will be lower oil and gas prices for American families,” News.Az reports, citing foreign media.

Trump also shrugged off the consequences for American consumers of the jump in oil prices, insisting that the supply crunch “affects countries much more than it does the United States.”

“Doesn’t really affect us,” he said. “We have so much oil.”

The president later claimed he anticipated that oil prices would increase even more than they have so far.

“I knew oil prices would go up if I did this, and they’ve gone up probably less than I thought they’d go up,” he said.

Global oil prices have shot up since the US and Israel first stuck Iran, at one point on Monday nearing $120 a barrel before easing somewhat. The increase has already rippled through to gas prices, pushing up the cost for Americans at the pump.

Trump sought to reassure tankers that have refused to traverse the Strait of Hormuz, warning that “the price will be incalculable” for Iran if the nation tries to strike any ships.

News.Az 

By Ulviyya Salmanli