Trump says Iran wants settlement 'as soon as possible' as oil prices fall

• Trump said oil prices had fallen by nearly $10 a barrel, attributing the decline to expectations of a possible settlement with Iran.
• He claimed markets were increasingly confident that another war with Iran could be avoided, adding that Tehran wanted a deal “as soon as possible.”

US President Donald Trump said Monday that oil prices had fallen by nearly $10 a barrel, attributing the decline to growing expectations that Washington and Tehran could reach an agreement and avoid another war.

In a post on his Truth Social platform, Trump said oil prices were “DROPPING LIKE A ROCK,” describing the reported decline as a record and claiming that markets were responding to expectations of a diplomatic settlement.

“People feel that there will not be a War with Iran. Iran wants a settlement, as soon as possible. It could happen!” Trump wrote, adding his presidential signature.

The remarks come amid renewed diplomatic signals between Washington and Tehran, as both sides have indicated openness to a negotiated settlement despite continued tensions over Iran's nuclear programme and the possibility of further US military action.

The post followed a sharp decline in crude prices on Monday, Nov.  2, as investors reacted to renewed diplomatic efforts aimed at ending the eight-month US-’Israeli’ war on Iran. Brent crude fell more than 7% during the session, while expectations of reduced risks to energy shipments helped ease concerns about prolonged supply disruptions. 

Vice President JD Vance also said on Monday that he and Trump felt “pretty good” about the prospects for a negotiated settlement, following the disclosure of indirect contacts between Washington and Tehran. 

The diplomatic push has intensified in recent days, with Iranian and Qatari officials holding three consecutive days of discussions in Doha. The talks reportedly focused on proposals to end the conflict and potentially reopen the Strait of Hormuz, a critical global shipping route through which a significant share of the world's oil supply passes. 

Iranian Foreign Minister Abbas Araghchi said diplomatic consultations through mediators had become “very intensive,” while stressing that any progress depended on Washington's willingness to address Tehran's conditions. Iran has previously demanded an end to the US blockade of its ports, sanctions relief and a halt to hostilities across the region. 

Trump, meanwhile, told Axios on Monday that he was in no rush to decide whether to resume military operations against Iran, saying his administration would allow negotiations to continue while retaining the option of further strikes. He also said Tehran was more interested in reaching an agreement than before. 

Despite the renewed diplomatic momentum, a settlement remains uncertain. Major disagreements persist over Iran's nuclear programme, sanctions and regional security, while the reopening of the Strait of Hormuz remains a central issue in negotiations. Reuters reported that global energy markets were likely to remain volatile amid uncertainty over the outcome of the talks.