US President Donald Trump predicted a sharp decline in global oil prices if a proposed agreement with Iran is finalised, arguing that greater stability in the Middle East and the reopening of key shipping routes would ease pressure on energy markets. 

Speaking at the White House, Trump said markets had already responded positively to news of the emerging agreement. “Stock markets up 1000 points,” Trump said. “That means they like the deal.” He said oil prices had already begun moving lower and suggested further declines could follow once the agreement is signed.