Trump Predicts US Gas Prices Below $2 After ‘Victory’ in Iran War, Oil Nears $97

September 8, 2026

Washington: US President Donald Trump has predicted a sharp decline in oil and gasoline prices once the United States achieves what he described as a victory in its ongoing conflict with Iran, saying fuel prices in the US could eventually fall below USD 2 a gallon.

In a post on his Truth Social platform, Trump said oil prices would fall “precipitously” once the conflict ends. He predicted gasoline prices could first fall to around USD 3 a gallon and eventually drop below USD 2.

“Oil prices will drop precipitously, like everything else is dropping (but more!), when we WIN the war with Iran. Three Dollars a gallon, but ultimately, below Two Dollars a gallon,” Trump said.

Trump also reiterated that Iran would not be allowed to acquire a nuclear weapon, saying the developments would happen quickly.

Oil prices remain elevated amid Iran tensions

Trump’s prediction comes at a time when global oil prices remain under pressure from escalating tensions in the Middle East.

Brent crude futures rose to around USD 97.49 a barrel on Tuesday, while US West Texas Intermediate crude was trading near USD 92.92 a barrel. Oil prices have climbed to multi-week highs as concerns grow over disruptions to crude supplies and shipping through the Strait of Hormuz.

The Strait of Hormuz is a critical route for global oil shipments, and reduced vessel traffic through the waterway has added to concerns about a prolonged supply disruption. Oil prices had already settled at a six-week high of USD 97.31 a barrel on Monday.

Iran warns against attacks on energy facilities

Iranian Parliament Speaker Mohammad Bagher Ghalibaf has warned the United States against targeting Iranian energy infrastructure, saying any attack on Iranian assets could trigger retaliation against US oil and gas interests in the region.

His warning came after US Secretary of War Pete Hegseth threatened to target Iranian oil tankers if Iran attacks US Navy vessels. The exchange has further raised concerns about the impact of the conflict on energy supplies and international shipping.

US Central Command has said American forces recently targeted three Iranian crude oil carriers after Iranian attacks involving US naval vessels. According to CENTCOM, the vessels were linked to an Iranian network accused of supporting the Islamic Revolutionary Guard Corps and regional proxy groups.

What Trump’s prediction means for fuel prices

Trump’s forecast is conditional on the US achieving an end to the conflict and the subsequent stabilisation of energy markets. However, current oil prices indicate that markets remain focused on the immediate risk of supply disruptions.

Analysts have warned that a prolonged conflict and further disruption to shipping through the Strait of Hormuz could push crude prices significantly higher. Goldman Sachs has also raised concerns about continued disruptions into 2027.

For now, Trump’s prediction of gasoline falling below USD 2 a gallon remains a future projection, while crude oil prices continue to reflect heightened geopolitical risks in the Middle East.