Trump Predicts Oil Prices Below $2 After Iran War as Crude Nears $100

SEATTLE (Oil Monster): US President Donald Trump said crude prices could eventually fall below $2 a gallon once the conflict between the United States and Iran ends. Meanwhile, oil prices moved higher on Tuesday as escalating tensions between the two countries raised fresh concerns about energy supplies and shipping routes in the Gulf.

Trump said in a post on X that oil prices would decline sharply after the US “wins” the war with Iran. He predicted gasoline could first fall to around $3 a gallon and eventually below $2.

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Brent crude futures gained 34 cents, or 0.35%, to $97.34 a barrel by 0000 GMT. US West Texas Intermediate crude climbed $1.15, or 1.26%, to $92.63 a barrel. Brent had already reached its highest level since July 24 in the previous session as traders added a risk premium over concerns surrounding the Strait of Hormuz.

Goldman Sachs also adjusted its oil outlook, raising its December 2026 Brent and WTI forecasts by $5 to $85 and $80 per barrel. It has lifted the 2027 forecasts to $80 for Brent and $75 for WTI.

Meanwhile, Iran warned that Gulf energy infrastructure and US oil and gas interests could face attacks. The warning followed recent strikes involving US forces, Iranian military units and oil tankers, indicating the possibilities of further widening of conflicts in the region.