Iran to meet Gulf states in Oman without signed accord on Hormuz passage, Trump expects oil prices to drop sharply post-elections
Iranian officials confirm a diplomatic meeting with Gulf neighbors in Muscat will address the Strait of Hormuz but reject expectations of a binding agreement. President Trump predicts that U.S.-Iran hostilities will conclude shortly after November midterms, forecasting a significant decline in global energy costs once the conflict resolves.
President Donald Trump stated on September 12 that the war involving Iran is likely to end very soon, specifically following the U.S. midterm elections scheduled for November. He added that energy prices would fall sharply immediately after this resolution. Brent crude oil futures settled down 2.8% at $104.61 a barrel, while U.S. West Texas Intermediate was down 2.4% to close at $100.05 per barrel following Trump's comments. Iranian state media reported plans for Tehran officials to meet with Gulf representatives in Muscat on Monday to discuss the Strait of Hormuz. A senior Iranian authority later clarified that although the meeting would take place, it should not be expected that an agreement regulating the strait will be signed during the second week of negotiations. The official noted a disagreement over tariff collection for vessels using the waterway, a point Iran seeks but Oman refuses to accept. Additionally, Standard & Poors affirmed Saudi Arabia's sovereign credit rating at 'A+/A-1' with a stable outlook in a separate assessment.
