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Donald Trump Predicts Precipitous Drop in Oil Prices Following Victory Over Iran

President Trump stated that oil and gasoline prices will drop precipitously once the United States wins the war against Iran. He predicted that gasoline prices will eventually fall below $2 a gallon, following a period of $3 a gallon, as the conflict concludes. While the administration has launched major combat operations against Iran since February, the war has continued for over six months. The conflict has impacted global energy markets, with the passage of oil through the Strait of Hormuz has slowed and occasionally halted. During the war, diesel prices hit a record high in the U.S., while gas prices rose nearly 40 percent. The administration announced that it will escalate military action against Iran after the November midterm elections. Despite the administration's efforts to secure a decisive victory, the Houthi militia continues to pose a threat to regional energy infrastructure, with recent attacks on Saudi Arabia hitting civilian and economic facilities. These disruptions continue to pressure global crude prices and household costs.

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