Trump Declares Iran Wants a 'Settlement ASAP' Amid 'Dropping' Oil Prices
President Trump said oil prices were 'dropping like a rock' before the midterms.
Nov. 4 2026, Published 12:46 p.m. ET
President Donald Trump suggested on November 2 that a deal with Iran could be approaching, RadarOnline can report.
Trump, 80, pointed to the falling oil prices as evidence that Iran had been weakened and was increasingly willing to negotiate a settlement on his terms.
Trump’s Diplomatic Signals
U.S. crude fell more than 7 percent to close below $100 a barrel.
Trump wrote on Truth Social: “Oil Prices are DROPPING LIKE A ROCK, down almost $10 a Barrel, A RECORD, because people feel that there will not be a War with Iran. Iran wants a settlement, as soon as possible. It could happen!”
He told Axios in a phone interview that he was “in no rush” to decide on another military offensive, saying: “One way or the other, we will do something, but there is no rush. We crippled them financially. They have no money, no gasoline, and their people are getting very tired of it.”
Trump added that negotiations were “going fine” and that Iran wanted a deal “more than they ever wanted.”
When asked whether he would resume strikes after the midterms, he answered “no,” according to the media pool.
Bloomberg reported that Iran’s supreme leader had approved the government’s pursuit of negotiations and that Trump told Israeli Prime Minister Benjamin Netanyahu he wanted to allow talks to play out.
Oil Prices Continue to Plunge
Trump said he was in 'no rush' to launch another offensive against Iran.
Oil prices recorded their steepest daily decline in about three months.
U.S. West Texas Intermediate crude futures fell 7.4 percent to close at $96.46 per barrel, their largest single-day drop since July 27.
Brent crude dropped 7.6 percent to settle at $104.77 per barrel.
The selloff pushed the U.S. benchmark below the $100 threshold. European natural gas futures fell nearly 11 percent at one point, and U.S. heating oil recorded its steepest decline in six months.
Trump Declared War in Iran Was 'Won' Before Midterms
Trump claimed the U.S. controls the Strait of Hormuz 'strongly.'
Trump’s comments marked a shift from the previous week, when CNN reported he was “leaning toward” ordering major strikes after the midterms, with U.S. forces allegedly prepared to launch an operation within four days of authorization.
However, in recent remarks at the Lincoln Memorial, Trump declared, “We had a war with Iran. We won.”
“I don’t even know if you call it a war because we haven’t been doing any fighting for months, you know?” he said at the time. “We control the Strait of Hormuz. We control it and strongly control it.”
Unresolved Risks
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Despite claims of control and diplomatic progress, no agreement has been reached on fully reopening the critical energy shipping route.
Despite diplomatic signals, Washington and Tehran have not reached an agreement on fully reopening the Strait of Hormuz.
Shipping companies face security concerns, and previous negotiations have failed to produce lasting peace.
