US President Donald Trump said on October 3 that the conflict with Iran would not last long and predicted oil prices would fall sharply once it ends.

“We’re gonna have a lot of oil very shortly, as soon as Iran ends, which won’t be long,” Trump told reporters. He said prices would fall “to the price it was before, maybe even lower.”

Trump declined to disclose his administration’s next move, saying the situation was “working out very well” and that “Iran is not doing well”.

The remarks come as fuel costs stay high in the eight-month-old war. US gasoline averaged $4.48 a gallon, according to AAA.

On October 2, the G7 nations agreed to release 100 million barrels of oil from reserves over four months, with a large diesel release in the first 20 days. The International Energy Agency will coordinate the effort.

White House press secretary Karoline Leavitt has said the price increases are temporary and will drop rapidly once the objectives of the US and Israeli attacks on Iran are achieved. Defence Secretary Pete Hegseth called Saturday the “most intense day of strikes” in the war, C-SPAN reported.