Trump Links Oil Price Relief To Iran Outcome

(MENAFN- IANS) Washington, Oct 30 (IANS) US President Donald Trump said oil prices would fall sharply once his administration ensured Iran could not acquire a nuclear weapon, linking relief for households facing high fuel costs to the outcome of the confrontation with Tehran.

In an interview with WHNS-TV, Trump predicted that the situation would be resolved soon. He offered no specific timetable or details of how that objective would be achieved.

“They will never have a nuclear weapon. So, that's going to be over with soon,” he said.

“And as soon as that's over with, the oil prices will come plummeting.”

Trump was responding to a question about families struggling with high petrol and grocery prices. The interviewer asked what policies would bring prices down and how long households would have to wait.

The president said oil prices were already declining and forecast a much steeper fall. He argued that other prices had also fallen substantially, while pointing to economic growth and stock market gains as evidence that his policies were working.

“They just announced, for the last three months, 1.7 percent inflation,” Trump said.

He did not identify the inflation measure or explain the calculation in the interview. His remarks also did not specify how much he expected fuel prices to fall or when consumers would see the promised relief.

At a separate rally in Rock Hill, South Carolina, Trump repeated his prediction of lower oil and petrol prices while defending his administration's approach to Iran.

He also floated the idea of renaming the Strait of Hormuz after himself.

“I'm thinking about calling the Hormuz Strait, the Trump Strait,” he told supporters.

The remark came during a passage in which he discussed changing geographical names. He did not announce a formal proposal or describe steps to implement such a change.

Trump also pointed to Venezuela as a source of additional oil supplies. In the television interview, he said the United States was receiving millions of barrels from the country each week following what he described as a swift military victory.

“We're taking in millions of barrels of oil from Venezuela every single week,” he said.

He did not provide shipment figures or contractual details in the interview.

At the Rock Hill rally, Trump linked his broader economic promises to the midterm election outcome. He pledged a $5,000 payment to every adult US citizen if Republicans won both chambers of Congress.

“If Republicans win the House of Representatives and the US Senate, I am going to give all adult citizens in the United States of America $5,000, very easily.”

Trump said recipients would have to spend the money within the United States. He put the cost at approximately $1 trillion and cited tariff revenue and economic performance in support of the pledge. He did not set out a payment timetable or detailed funding plan.

The president also credited tariffs with encouraging companies to manufacture in America.

Trump's South Carolina appearances centred on support for Darline Graham's Senate campaign. During the rally, he urged supporters to vote early and treat the congressional elections as a verdict on his administration, even though he was not personally on the ballot.

The economic measures he promoted included provisions in the legislation he calls the One Big Beautiful Bill. In the interview, he highlighted tax relief involving tips, overtime, seniors and car-loan interest, describing the package as central to his economic agenda for the remainder of his term.

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