Trump Predicts Iran War Ending Soon, Oil Prices Set to Fall After Midterms

President Donald Trump announced on Saturday during a visit to Ireland that the ongoing conflict involving Iran is expected to end shortly after the upcoming November midterm elections, predicting a subsequent collapse in global oil prices. His remarks arrived as international energy markets reacted to recent volatility, with Brent crude settling down 2.8% at $104.61 a barrel and U.S. West Texas Intermediate dropping 2.4% to $100.05 per barrel.

The temporary relief in market prices followed reports that Iranian state media indicated Tehran will meet with Gulf states in Oman to discuss the critical Strait of Hormuz. Despite diplomatic touchpoints, Iranian President Masoud Pezeshkian maintained a defiant posture during the BRICS Summit build-up, stating that his nation "has successfully stood against Israel and the U.S."

Geopolitical tensions further intensified after coordinated drone strikes launched from Iraq targeted Saudi Arabia's vital East-West crude oil pipeline in the Riyadh and Medina regions. The attacks prompted Riyadh to shut down the 7-million-barrel-per-day pipeline as a precautionary measure, dealing a blow to export routes circumventing Persian Gulf choke points.

Amid these developments, President Trump revealed that Yemen's Iran-backed Houthi rebels have directly reached out to his administration regarding ongoing hostilities. 'The Houthis called us and they don't want to fight with us,' Trump stated, following reports of Houthi ground advances capturing strategic locations along the Red Sea coast.

As of Saturday, emergency repair teams remain deployed across the damaged Saudi pipeline infrastructure while global shipping authorities monitor maritime security around the Bab el-Mandeb Strait.