‘Oil prices will plummet,’ says Trump as he promises end to Iran war ‘very quickly’
Speaking at a press conference, President Trump also said oil prices would decline sharply in the coming period. The US President further stated that global oil prices were expected to fall due to abundant supply.‘Oil prices will plummet,’ says Trump as he promises end to Iran war ‘very quickly’(Bloomberg)United States President Donald Trump on Tuesday, May 19, said that the war with Iran will end “very quickly”, helping the oil prices to go down, while claiming that Iran wanted to make a deal “so badly”. The Iran and the US war has triggered the crude prices to go up drastically, impacting inflation across nations.Addressing a press conference in Washington, Donald Trump said oil prices would decline in the coming weeks. He also said that global oil prices were expected to fall due to abundant supply.Donald Trump said, “There's so much oil out there, they're going to come plummeting down..We're going to end that war very quickly. They want to make a deal so badly...You are going to see oil prices plummet. They're going to come down. There's so much oil out there, they're going to come plummeting down.”The development comes amidst the US Senate earlier in the day passing a resolution seeking to limit President Donald Trump's war powers in Iran, according to CBS News.In an eighth attempt to pass a resulution, Senators approved a motion to discharge the resolution from committee in a 50-47 vote, with four Republican lawmakers joining most Democrats in support of the measure, CBS News reported.The four Republicans were: Susan Collins, Lisa Murkowski, Rand Paul and Bill Cassidy.What is the resolution about?The resolution was introduced by Democratic Senator Tim Kaine. As per the resolution, it would direct the President to “remove the United States Armed Forces from hostilities within or against Iran, unless explicitly authorised by a declaration of war or a specific authorisation for use of military force.”Reacting to the development, Democrat senator from California, Adam Schiff, called the war “unconstitutional” and said, “Today, Senate Democrats once again forced a vote to demand an end to this unconstitutional war. After seven failed attempts, I am thankful that my Republican colleagues have joined in bringing our War Powers Resolution to the Floor and exercising our constitutional responsibility to declare war.”Senator Bernie Sanders also welcomed the resolution, saying that the American people are opposed to spending "billions on endless wars"."Finally, Senate Republicans are starting to listen to their constituents. The American people do not want to spend billions on endless wars. They want to address the enormous crises facing our country. We must end this unconstitutional war," he said in a post on X.The development follows the ongoing negotiations related to peace deal between US and Iran, followed by US President Donald Trump's earlier announcement to put a "planned attack" on Tehran on hold after appeals from Qatar, Saudi Arabia and United Arab Emirates (UAE). The US President further mentioned that they are "prepared to go forward with a full, large-scale assault" on Iran.(With agency inputs)About the AuthorLivemintFor about a decade, Livemint—News Desk has been a credible source for authentic and timely news, and well-researched analysis on national news, business, personal finance, corporates, politics and geopolitics. We bring the latest updates on all the listed companies on BSE and NSE, startups, mutual funds, Union ministries, geopolitics, and untapped human interest stories from around the world, helping our readers to stay informed on the latest developments around the globe. Our Coverage Areas 1. Companies: Comprehensive news and analysis on listed and unlisted companies, corporate announcements, corporate chatter, C-suite, business trends, hiring alerts, layoffs, work-life balance, world's top billionaires and richest and more. 2. Personal finance: Insights into mutual funds, small savings schemes like - P
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