Washington: US President Donald Trump said a major fall in global crude oil prices is likely only after the war involving Iran comes to an end, which he believes would bring down gasoline and other fuel prices.
The conflict, involving the US and Israel, began on February 28. Iran’s move to block the Strait of Hormuz—one of the most critical routes for global crude shipments—pushed up international oil prices and led to fuel shortages in many countries.
Although a temporary ceasefire is currently in place, tensions in West Asia continue. US Energy Secretary Chris Wright had recently said petroleum product prices were unlikely to decline before 2027.
Trump said gasoline prices have risen in the US due to the war-driven spike in crude. He added that once the war ends, crude prices would fall internationally, bringing relief in the prices of petrol, diesel and gas, and allowing Americans to expect cheaper fuel.
He also reiterated that Iran should not be allowed to possess nuclear weapons, calling it a major global risk. Trump said Iran has offered a new proposal for a ceasefire, but he is not satisfied with it, even as he noted some progress in peace talks and uncertainty over whether a final outcome can be reached.
