President Trump on Monday touted the drop in oil prices as markets appear to be responding to reports of renewed diplomacy between the US and Iran through Qatar, though there’s still no sign of a breakthrough, and the US and its allies are still preparing for a renewed bombing campaign.
After weeks of threatening to bomb Iran after the US midterm elections, Trump has cooled his rhetoric and is signaling some sort of deal could be reached, likely an effort to calm the markets ahead of Tuesday’s vote.
“Oil Prices are DROPPING LIKE A ROCK, down almost $10 a Barrel, A RECORD, because people feel that there will not be a War with Iran. Iran wants a settlement, as soon as possible. It could happen!” Trump wrote on Truth Social.
The US president has previously posted similar messages before escalating against Iran. Hours before the first Israeli strikes that began the 12-Day War in June 2025, Trump said on Truth Social that he was committed to a diplomatic solution with Iran and that his “entire Administration has been directed to negotiate with Iran.”
In comments to Axios on Monday, Trump said that he was in “no rush” to make a decision on whether to bomb Iran. “One way or the other, we will do something, but there is no rush. We crippled them financially. They have no money, no gasoline and their people are getting very tired of it,” he said.
Also on Monday, Vice President JD Vance said that he and Trump “both feel pretty good about the prospects” of a deal with Iran and that the US has “had a number of good conversations with the Iranians.”
However, Iranian officials are still maintaining their core conditions for an agreement to fully open the Strait of Hormuz, which would require the US to provide sanctions relief, release some frozen Iranian funds, and end the blockade of Iranian ports before discussing the nuclear issue.
