US President Donald Trump said that oil and fuel prices will fall sharply after Washington wins the war with Iran. He linked the rise in prices to the ongoing conflict and restrictions on oil transport through the Strait of Hormuz.
“Oil will start falling as soon as the war is over“, Trump told reporters. He had previously predicted that prices would start falling after the US midterm elections, scheduled for November 3, 2026. The international grade “Brent“ exceeded $100 per barrel in September, after trading around $72 before the war.
Trump Demands Ukraine Limit Strikes on Refineries
The US president has again called on his Ukrainian counterpart Volodymyr Zelensky to stop strikes on Russian oil refineries and other infrastructure related to the production and distribution of diesel fuel. According to Trump, the attacks are reducing supplies on the global market and contributing to record prices in the United States.
The average price of diesel in the country has exceeded $6 per gallon. At the same time, Zelensky reported that Ukrainian forces have launched new strikes on two Russian refineries. There has been no official confirmation of a deal between Kiev and Moscow to commit each other to halting attacks on energy infrastructure.
Washington discusses diesel export ban
The Trump administration is also considering a possible temporary ban on diesel exports from the United States. Treasury Secretary Scott Besant confirmed that it is studying whether such a measure would increase domestic supplies and limit prices.
The proposal has met with resistance from refining industry representatives. They warn that if American producers lose access to foreign markets, they could reduce overall production, which would affect not only diesel but also gasoline. The plan is being discussed against the backdrop of Trump's insistence on building new refineries. A major expansion of an existing plant takes at least three years, and a new facility requires even more time and permits.
Trump Rejects Iran's Offer, But Expects Talks
Trump said he rejected Iran's offer to open the Strait of Hormuz and resume talks within seven days. According to the US side, Tehran has set conditions related to sanctions, frozen assets and a naval blockade.
Despite his refusal, Trump said he expected US and Iranian representatives to hold new talks this week. “I expect more talks with Iran. "They want a deal, but not the deal I want," he told Axios.
Iranian Foreign Minister Abbas Araghchi confirmed that Tehran was ready for a diplomatic solution, but warned that the country was also preparing for renewed military action. According to Reuters, Trump has allowed the bombing to resume after the midterm elections, although he has not publicly ruled out an earlier escalation.
Sources: Reuters, Axios