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Trump Says Oil Could Plunge After Iran War Win

9/8/2026

Summary

Trump predicts oil plunge

U.S. President Donald Trump said oil prices will drop sharply if the United States wins its war with Iran.
Trump predicted gasoline would fall near $3 a gallon, then drop below $2.
Houthi attacks in southern Saudi Arabia wounded 73 people and sparked fires at oil sites.
EIA reported Brent crude rose 1.2% to $97.40 after the latest Houthi strike.

Summary

Iran Closes Strait

Iran closed the Strait of Hormuz, cutting 20 % of global oil transit.
United States imposed a naval blockade on Iranian ports, costing Iran $500 million daily.
Mohsen Rezaei (Iranian security chief) announced a zone outside the Strait, warning ships will be sanctioned.
Iran launched airstrikes on U.S. interests in Kurdistan, Kuwait, Bahrain and Jordan.
Brad Cooper (CENTCOM admiral) warned the IRGC that further attacks on U.S. vessels would raise costs.

History

Historical Context

In October 1973 OAPEC, led by Saudi King Faisal, imposed an oil embargo on the United States and supporters of Israel, driving barrel prices from $3 to nearly $12—a rise of about 300 %. The shock spurred U.S. energy-independence policies and reshaped markets, a legacy echoed in President Donald Trump’s 2024 calls for cheap gasoline and threats to close the Strait of Hormuz.

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Trump predicts oil plunge

U.S. President Donald Trump said oil prices will drop sharply if the United States wins its war with Iran.
Trump predicted gasoline would fall near $3 a gallon, then drop below $2.
Houthi attacks in southern Saudi Arabia wounded 73 people and sparked fires at oil sites.
EIA reported Brent crude rose 1.2% to $97.40 after the latest Houthi strike.

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