President Donald Trump said Thursday that neither the spike in oil prices nor the slump in the stock market during the Iran war were as bad he had anticipated.
In a Cabinet meeting, Trump expressed confidence in the war effort and said the economic damage will reverse.
Addressing Treasury Secretary Scott Bessent, the president said oil prices “have not gone up as much as I thought, Scott, to be honest with you. It’s all going to come back down to where it was and probably lower.”
Markets have whipsawed on geopolitical signals, turning on any signs of progress or intensity of the war.
U.S. crude prices flirted with $100 a barrel earlier in the conflict but have come down as Trump has insisted that the fighting will end soon. In all, though, oil prices have surged more than 40% during the war, driving up the price of gasoline by more than $1 a gallon.
