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Topics: News, US News, Donald Trump, Iran
Kit Roberts
Topics: News, US News, Donald Trump, Iran
Donald Trump has suggested when oil prices could fall, with the US revealing a new national average.
The price of oil has risen dramatically since the US and Israel launched the war against Iran.
Following sustained strikes against multiple cities in Iran as well as against infrastructure, Iran has responded with missile and drone attacks against neighbouring countries, including in the Arabian Gulf, as well as against US bases in the region.
But the factor which has particularly affected oil prices is Iran's blocking of the Strait of Hormuz.
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This is a narrow stretch of water through which around 20 percent of all oil shipping in the world has to pass, with supplies to South Asia particularly impacted by the disruption.
Now, Trump has offered his prediction for when oil prices may once again drop.
Newsweek reported that asked about oil prices dropping, he told Fox News: “I hope so. I mean, I think so. It could be, it could be. Or the same. Or maybe a little bit higher. But it should be around the same, I think this won’t be that much longer."
Trump has also stressed that he intends to continue with 'Operation Epic Fury', telling Fox Business journalist Maria Bartiromo: "I think this won't be that much longer. They're wiped out, Maria.
"They're wiped out, and you don't get a fair shake. We need a free and fair press in this country, and I don't even know why people would do that. Why would they say how wonderful they're doing militarily, they're doing so well?"
Oil prices have fallen in the wake of negotiations between Iran and the US.
According to a report from the BBC, on Tuesday Brent crude has fallen by around 3.8 percent to trade at approximately $95.54, meanwhile West Texas Intermediate has fallen by 6.1 percent to $92.85.
While this is a drop, it is still significantly higher than the price before the US and Israeli war with Iran, which was around $70 a barrel.
In addition to the ripple effect rising oil prices have on the global economy, this has had a sustained impact on the price of petrol at the pump in US.
At present, the national average price of gas is around $4 per gallon according to a report from NBC News.
Reporting from Time magaine says that this represents an increase of around 38 percent since Trump's war with Iran started on February 28.
The average price hit $4 per gallon on March 31, CBS News reported, with this being the first time they hit that price since 2022.