Washington DC [US], November 3 (ANI): US President Donald Trump on Monday (local time) claimed that oil prices had dropped by nearly USD 10 per barrel amid expectations of a possible diplomatic settlement with Iran, saying that Tehran was keen to reach an agreement ahead of the US midterm elections.
In a post on X, Trump attributed the sharp decline in oil prices to growing expectations that a military confrontation with Iran would not resume, expressing optimism that negotiations between Washington and Tehran could lead to a settlement soon.
“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 said.
Vice President JD Vance also expressed optimism over the prospects of a negotiated agreement with Iran, indicating that the administration believed diplomatic efforts had made some progress.
Speaking to Fox News in Minnesota, Vance said, “The President and I both feel pretty good about the prospects for potentially coming to a negotiated settlement. We're going to keep on working at it... We've certainly made some progress. We'll see if we can make some more.”
The remarks come amid continued diplomatic exchanges between Washington and Tehran, with Iran maintaining that it is prepared for negotiations but would not compromise on its stated conditions.
On Monday, Iranian Foreign Minister Abbas Araghchi said Tehran was prepared for both diplomacy and military confrontation “more than ever before”, adding that the next move depended on Washington's willingness to pursue negotiations.
Speaking to Iranian state news agency IRNA on Monday after concluding his visit to Turkmenistan, Araghchi said Iran had presented its specific conditions and a formulated plan for a diplomatic resolution. He added that Qatar and Pakistan were playing active roles in facilitating negotiations through telephone calls and shuttle diplomacy.
“We have announced our specific conditions and presented our formulated plan; now everything depends on how much political rationality prevails on the American side and whether there is a will to take the wise path of diplomacy or, as in previous instances, to drag the situation toward aggression and military operations,” he said.
Araghchi warned that any renewed military action or attempt at deception would invite a response “far harsher and more regretful than before”. He also said Iran had upgraded its weaponry, addressed military vulnerabilities and tested new arms, adding that its armed forces were at the highest level of readiness.
Iranian Foreign Ministry spokesperson Esmail Baghaei separately said that responsibility for advancing negotiations rested with Washington, reiterating Tehran's demand for an end to the US naval blockade.
“The ball is in America's court because our demands have been stated very clearly and transparently, and Iran's demands are reasonable and logical,” Baghaei said during a press briefing on Monday.
Trump had earlier defended the US military action against Tehran, saying Washington intervened to prevent Iran from developing nuclear weapons. Addressing a rally in Iowa on Sunday, he described the increase in oil prices amid the conflict as “a very small price to pay” for national and global security.
Meanwhile, an Axios report said Israeli Prime Minister Benjamin Netanyahu had urged Trump to consider renewed military strikes against Iran after the November 3 midterm elections. Trump, however, has indicated that he favours allowing negotiations to continue while keeping military options available.
The US midterm elections, being held on November 3, will determine control of both chambers of Congress, with all 435 seats in the House of Representatives and 35 Senate seats up for election. (ANI)
Trump claims oil prices drop nearly USD 10 per barrel ahead of US midterms, says “Iran wants a settlement”
