Trump says oil prices will drop after U.S. wins Iran war
President Donald Trump said oil prices will fall "precipitously" once the U.S. wins its war with Iran, saying gasoline could drop to $3 a gallon and then below $2.
President Donald Trump said Monday that oil prices will fall “precipitously” once the U.S. wins its war with Iran, saying gasoline would first drop to 3 a gallon and then go below 2. In a post on Truth Social, Trump said oil prices would decline “precipitously” when the U.S. wins the war with Iran.
He said, “It Will All Happen Quickly,” and added that Iran “will never have a Nuclear Weapon.” Gas prices reached their highest Labor Day level on record, with AAA putting the national average at 4.15 a gallon Monday, up from roughly 3.20 a year earlier and above the previous Labor Day high of 3.82 set in 2012. Diesel reached a record 5.9015. Energy Secretary Chris Wright, asked on CNN Sunday, declined to guarantee prices would keep falling and said gasoline futures suggest prices are “more likely to go down than go up.” Treasury Secretary Scott Bessent said oil could fall to 40 to 50 a barrel once the war ends.
On Monday, Iranian Parliament Speaker Mohammad Baqer Qalibaf warned that American oil and gas companies operating across the region remain exposed, saying on X: “strike our assets and you get struck.” He said the oil and gas production chain is “sprawling, accessible, and exposed,” added that American oil and gas companies across these waters and facilities share that exposure, and wrote: “We’ve already proven it. Ask the bases that are no longer viable.” The post was dated September 7, 2026. On Saturday, Sen. Bernie Sanders (I-Vt.) called Trump’s Iran war “illegal and disastrous,” and blamed it for record-high Labor Day gas prices.
Sen. Elizabeth Warren (D-Mass.) said ending the war in Iran would lower gas prices. At the time of writing, Brent Crude traded near $97.0.5, up 0.05% a barrel, and WTI Crude was up 1.06% at $92.45 per barrel. Price Action: On Friday, United States Brent Oil Fund (NYSE: BNO )and ProShares Ultra Bloomberg Crude Oil (NYSE: UCO) climbed 0.38% and 1.24%, respectively.
United States Oil Fund (NYSE: USO) fell 0.091%, according to Pro. Markets were closed Monday for Labor Day. Edge Rankings show Brent Oil Fund has a Momentum score in the 92nd percentile. Read also: Brent jumps to 97, German AfD party wins big: stock market today.