US President Donald Trump expects the war with Iran to end very soon, whether through negotiations or military operations, and insisted that oil prices will fall sharply once the conflict is over. Speaking at a campaign rally in Syracuse, New York, on Friday, October 9, Trump said the conflict would end soon one way or another, and warned the Iranian government that if it does not comply with all demands, there may be no country of Iran left. He also claimed that more oil is currently being shipped through the Strait of Hormuz than before the war began, and called on refineries and fuel retailers to cut prices. Trump had previously announced that the United States would not launch a new round of strikes on Iran before the midterm elections on November 3, but has not ruled out resuming military force after the vote. Meanwhile, the Russian government said Trump welcomed Russia's involvement in finding a settlement to the conflict with Iran, after discussions with President Vladimir Putin. In Yemen, the situation has escalated, with the Saudi-led coalition saying it destroyed 136 Houthi military targets in a large-scale operation, including missile launch sites and radar stations. Yemen's internationally recognized government separately claimed its forces carried out more than 2,750 strikes within 24 hours and put more than 1,400 Houthi members out of action, though those figures have not been independently verified. The latest surge in violence came after the Houthis attacked several airports in Saudi Arabia, including King Khalid International Airport in Riyadh, killing three Saudis. In addition, Iran's Islamic Revolutionary Guard Corps claimed responsibility for attacking the liquefied petroleum gas carrier NV Sunshine near the Strait of Hormuz, and warned that vessels using the shipping route without permission could be targeted even outside the Strait of Hormuz. US Central Command said US forces have ordered 133 commercial vessels to change course under the US government's blockade measures against Iran.
Trump's expectation that the Iran conflict ends soon and oil prices fall sharply is a bearish geopolitical de-escalation signal for Brent.
Trump expects the Iran war to end soon and says oil prices will fall sharply once the conflict ends, a bearish geopolitical de-escalation signal for WTI.
