Trump: Oil Prices to Drop Further Once Iran Conflict Ends

President Trump said Sunday that global oil prices will drop further once the conflict with Iran ends, claiming fuel costs are already lower than under the Biden administration and that a record volume of oil was extracted overnight, surpassing pre-war levels. Speaking before departing for the Presidents Cup in Chicago, Trump asserted that "oil will come plummeting down" as soon as the war concludes, which he said will be "soon." He also cited falling grocery prices, record employment, the lowest poverty rate in US history, and peak per-capita income as evidence of economic strength. Trump's remarks follow his rejection of an Iranian proposal for a seven-day ceasefire and reopening of the Strait of Hormuz, which included demands for lifted sanctions and released frozen assets. Iranian officials said they are awaiting mediators to convey definitive US positions before deciding next steps.