Trump Says Iran Conflict Will End Soon, Predicts Sharp Fall in Oil Prices

Speaking at a Republican campaign rally in San Antonio, Texas, Trump defended the US military action against Iran and said his administration remained committed to preventing the country from developing nuclear weapons.

"Just as I promised, I am ensuring that Iran will never have a nuclear weapon. They will never. They know that," Trump told supporters.

He said US involvement in the conflict could be nearing its end, adding that American forces would soon leave the region and predicting oil prices would fall sharply afterwards.

Trump argued that previous US administrations had failed to address Iran's nuclear ambitions and said military action had eventually become necessary.

He acknowledged that the conflict had contributed to higher oil prices but said the increase had been less severe than some earlier expectations. According to Trump, some had anticipated prices rising three, four or even five times because of the military operation.

At another event at the White House, Trump again predicted that the conflict would conclude soon and said oil prices would drop sharply once the fighting ended.

Treasury Secretary Scott Bessent also linked elevated borrowing costs and inflation to the conflict in the Middle East, saying the rise in headline inflation was being driven largely by an energy shock.

Bessent said underlying inflation had moderated and predicted that energy supplies would improve after the conflict, which he said would help bring inflation closer to the Federal Reserve's target and put downward pressure on mortgage rates and the 10-year Treasury yield.

Trump also referred to diplomatic efforts involving his special envoy Steve Witkoff, who has been engaged in negotiations concerning Iran. The President said Witkoff was making progress on a potential agreement.

However, Trump indicated that he was not prepared to accept an agreement simply for the sake of ending the confrontation, while reiterating that Iran would not be permitted to obtain a nuclear weapon.