Trump: Oil prices ‘will drop precipitously’ after Iran war win

President Trump on Monday said oil prices “will drop precipitously” after the Iran war is won, as Iran seeks to maintain its control of the Strait of Hormuz with a “ restricted zone .”

“Oil prices will drop precipitously, like everything else is dropping (but more!), when we WIN the war with Iran,” Trump wrote on Truth Social . “Three Dollars a gallon, but ultimately, below Two Dollars a gallon. It will all happen quickly, and Iran will never have a Nuclear Weapon.”

The announcement came as Labor Day saw record-high gas prices at an average of $4.15 per gallon in the U.S., with the previous record being set in 2012 at $3.82, according to AAA . Diesel hit its highest price ever on Friday at an average of $5.85 a gallon.

Tehran’s closure of the Strait of Hormuz has cut off one-fifth of the world’s oil supply from exiting the Middle East, causing energy prices to skyrocket for more than six months since the conflict began.

Iranian officials announced Sunday that a new restricted zone will be declared in the next few days, according to Iranian state media outlet Press TV . Commercial vessels entering the zone that do not cooperate with Iran’s government will be placed on a sanctions list.

Trump administration officials have sidestepped questions about the future of fuel prices, with Energy Secretary Chris Wright telling CNN’s Dana Bash on Sunday that he did not “want to have an opinion” on whether gas prices will continue going up. Wright did say, however, that prices were more likely to go down than up.

The Energy Department chief has also downplayed the likelihood that the U.S. and Iran will reach a nuclear deal that ends the conflict. Both sides previously agreed to an interim deal in June that was intended to eventually reopen the strait, among other conditions. The deal fizzled out as strikes resumed.

Wright also noted to ABC News’s Martha Raddatz that a nuclear agreement with the Iranian regime “may await a next administration.”

Trump has also brushed off the high prices as a “ small price to pay ” for putting an end to Iran’s nuclear program, one of the core objectives for initiating strikes on the regime in February.

He has also minimized the conflict’s impact on Republican candidates ahead of the November midterm elections, saying last week that the GOP “respects the fact that we’re not allowing Iran to have a nuclear weapon.” The war’s influence on the cost of living and inflation has further soured Americans’ outlook on the conflict, but the president said in May that the financial situations of Americans do not motivate him to reach a deal.

Gas prices have fluctuated on occasion when diplomatic developments between the two countries have emerged, though recent strike exchanges have hampered the push for talks.