Trump says Iran war will end soon, oil prices to plunge

US President Donald Trump speaks during a campaign rally in Youngstown, Ohio, on October 12, 2026

US President Donald Trump has predicted that the war with Iran will end “very soon,” saying global oil and gasoline prices will fall sharply once the conflict is over.

Speaking at a campaign rally in Ohio, Trump renewed his pledge to prevent Iran from acquiring nuclear weapons and defended Washington’s military campaign as necessary to confront what he described as a longstanding threat.

“It’s going to end very soon,” Trump told supporters, adding that gasoline prices would decline once the fighting stopped.

He also predicted that oil prices would fall dramatically, declaring that the cost of crude would be “dropping like a rock” following the war.

Trump accused former President Barack Obama’s administration of failing to confront Iran’s nuclear ambitions, claiming it had provided Tehran with billions of dollars rather than preventing it from advancing its nuclear programme.

His remarks referred to the 2015 nuclear agreement negotiated under Obama, which granted Iran sanctions relief in exchange for restrictions on its nuclear activities. Trump withdrew the United States from the agreement during his first presidential term in 2018.

The president also defended his decision to launch military operations against Iran, arguing that successive US administrations had failed to address what he characterised as a growing security threat.

His latest prediction comes amid continuing uncertainty over efforts to end the conflict, which has disrupted energy markets and heightened concerns about global oil supplies.

Washington and Tehran have exchanged proposals aimed at ending hostilities, but significant differences remain over Iran’s nuclear programme and the conditions for a settlement.

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