Trump Says Falling Oil Prices Undercut Fears of Iran Conflict as Doha Meeting Looms

President Donald Trump pointed to sharply lower oil prices Monday, arguing that energy markets have fully reversed the spike triggered by the war with Iran and predicting that American motorists will soon see lower gasoline prices at the pump.

In a pair of social media posts, Trump said West Texas Intermediate (WTI) crude oil had fallen to approximately $69 per barrel and was continuing to decline.

“WTI CRUDE – $69, and heading down. This is less than it was prior to the start of the Denuclearization of Iran!” Trump wrote.

The decline means crude oil prices are now trading below where they were before the war with Iran began, reversing the sharp increases that followed concerns over potential disruptions to global oil supplies and shipping through the Strait of Hormuz.

Trump also turned his attention to gasoline prices, saying consumers should begin seeing relief at the pump.

“Gas prices coming down, fast! Report any abuses at retail level!!!” Trump wrote.

The president’s comments come as oil markets continue to retreat after fears of prolonged supply disruptions eased. While crude oil prices have fallen rapidly, retail gasoline prices typically take longer to adjust because stations continue selling fuel purchased at earlier, higher wholesale prices. Transportation costs, fuel taxes and regional supply conditions also influence the price consumers ultimately pay.

The falling oil prices represent a significant turnaround from the early days of the conflict, when concerns over the security of one of the world’s busiest energy shipping corridors sent crude prices sharply higher. With supplies continuing to move and markets stabilizing, oil prices have now fallen below their pre-war levels.

Trump also announced Monday that Iran had requested a meeting, saying negotiations are expected to take place Tuesday in Doha, Qatar. However, Iranian officials have publicly disputed that announcement, saying no meeting has been formally scheduled. The conflicting statements come as diplomatic efforts continue to preserve the fragile ceasefire reached earlier this month and prevent renewed fighting in the region.

If crude oil remains near current levels, motorists could continue to see gasoline prices trend lower over the coming weeks as retailers replenish inventories with less expensive wholesale fuel.

Trump’s latest statements underscore his argument that the military campaign against Iran did not produce the sustained surge in energy prices many analysts initially feared. Instead, with crude oil now trading below its pre-war price, the president argues that consumers stand to benefit from lower fuel costs as markets continue to stabilize.