U.S. President Donald Trump predicted the Iran conflict may end soon, even as diplomatic talks remain stalled. Speaking in Dublin on Saturday, Trump said he expected the conflict to finish after the U.S. midterm elections and reiterated that Iran must not possess nuclear weapons.
Trump stated that oil prices "will come tumbling down" when the war is over. However, Tehran has set conditions for negotiations. Iranian lawmaker Ebrahim Azizi said talks would remain futile as long as Washington refused Iran's demands, positioning the two sides at an impasse as regional tensions mount.
Pipeline Attack Escalates Oil Supply Concerns
Trump's comments followed Saudi Arabia's shutdown of its East-West oil pipeline after a drone attack. The 1,200-kilometre line transports crude to the Red Sea, bypassing the Strait of Hormuz, and was recently pumping approximately 4 to 5 million barrels per day—roughly 4% to 5% of global oil supply.
Iraq confirmed the attack originated from its territory, though no group claimed responsibility. Trump asserted Iran was "probably" responsible without providing evidence.
Pressure has also increased around the Red Sea following expansion of control by Iran-backed Houthi forces near the Bab el-Mandeb shipping route. These developments have narrowed Saudi Arabia's options amid ongoing restrictions on traffic through the Strait of Hormuz. Brent crude closed above $104 on Friday, having gained more than 8% for the week.
Cryptocurrency Markets Navigate Geopolitical Tension
Despite escalating war concerns, Bitcoin has traded sideways around $77,240 at press time, up 0.53% after moving above $80,000 earlier in the week. Ethereum has similarly shown limited reaction to developments, trading above the $2,500 resistance level. XRP also posted gains, clearing resistance at $1.35.
