With global trade severely disrupted, the prices of oil and liquefied natural gas soared. Early Monday, crude oil prices topped $100 a barrel for the first time since Russia’s 2022 invasion of Ukraine.
Trump previously dismissed concerns over the rising oil prices, insisting it’s a “small price to pay” for “safety and peace.”
But the price of crude oil saw a significant turnaround as global markets opened Tuesday, falling as much as $25 per barrel since Monday’s highs.
The plummet in oil prices came after Trump—just hours before threatening “death, fire, and fury” on Iran—indicated that the war would soon be reaching its end.
In a phone interview with CBS, Trump said he thought the war in Iran was “very complete” and claimed Washington was “very far ahead” of its initial four-to five-week estimated timeframe.
Insisting that Iran’s military capabilities had been mostly destroyed following repeated strikes from the U.S. and Israel, he added: “If you look, they have nothing left. There’s nothing left in a military sense.”