WASHINGTON: The United States President Donald Trump has said global oil prices will fall rapidly once the ongoing war with Iran comes to an end, expressing confidence that tensions surrounding the Strait of Hormuz and Saudi Arabia will eventually be resolved.
Trump said the situation in the strategically important Strait of Hormuz would improve and suggested that all issues related to Saudi Arabia would also be brought under control.
Trump also said Iran could possibly be involved in an attack on a Saudi Arabian oil pipeline, although no further details were provided regarding the basis of the allegation.
Describing Saudi Crown Prince Mohammed bin Salman as a good friend, the US president expressed optimism about the regional situation.
“Everything will be fine,” Trump said, while also expressing hope that the war involving Iran could come to an end by November.
The conflict and the security of key energy infrastructure have remained a major concern for international markets, particularly because the Middle East plays a critical role in global oil production and transportation.
Trump praised the US military, describing it as the best in the world, and claimed that the United States had control over the Strait of Hormuz.
The strategic waterway is one of the world’s most important maritime routes for oil shipments. Any prolonged disruption in the area could potentially affect global energy markets and international trade.
Trump also commented on the Houthis, claiming that the group did not want a direct confrontation with the United States.
The Houthis had contacted Washington and indicated that they did not want the US to take military action against them.
He further claimed that most ships were currently being allowed to pass through the Bab el-Mandeb Strait, another strategically important maritime passage.
Iran Signals Willingness to Reopen Strait of Hormuz
Meanwhile, Iranian President Masoud Pezeshkian said Iran would reopen the Strait of Hormuz if the United States ended what he described as its blockade and aggression.
Pezeshkian said Washington had turned towards a blockade after failing to achieve its objectives through war.
He maintained that Iran’s survival did not depend entirely on maritime routes and said the United States would not succeed through its current approach.
Pezeshkian also announced that a meeting involving Iran and foreign ministers from Arab countries was expected to take place in Muscat on Monday.
He said the discussions would focus on a proposed joint maritime route in the Strait of Hormuz, with an agreement expected to be signed between Oman and Iran in the presence of regional representatives.
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The International Maritime Organization would also be informed about the proposed arrangement, which could have significant implications for regional shipping and global energy markets.
