President Donald Trump said on Sunday that oil prices would fall sharply once the war with Iran ends, predicting the conflict would be over soon. He spoke to reporters at the White House before travelling to Illinois, according to WE News English.

Trump claimed a record volume of oil moved through the Strait of Hormuz overnight, saying it exceeded levels from before the war. The vital waterway carries about one fifth of the world's petroleum consumption.

His remarks came a day after he said he had rejected Iran's proposed seven-day plan to reopen the strait. Iran's foreign minister, Abbas Araghchi, had said Tehran made the offer through mediators during talks in New York.

Axios reported that indirect talks between the United States and Iran could begin as early as September 28. A US defence official told the outlet that 22 million barrels of oil moved through the strait on September 25.

The comments matter because gasoline prices are rising at home ahead of the midterm elections, and oil markets are watching every turn in the war.