Trump says the US could just decide to stay in Iran and ‘keep the oil’ like Venezuela

US-Iran war: President Donald Trump said the US could just stay back in Iran and “keep the oil” like Venezuela. This comes after he predicted that the war would be over soon and oil prices would drop after the midterm elections in the US.

During a trip to Ireland, Trump said he still expected the Iran war to end this year, possibly in November. Once the war stops, the price of gasoline would “drop like a rock”, he said. Trump said the US would only make the ‘right deal’ and not one that was no good, adding that Iran was calling constantly for peace talks.

He also introduced another idea – to remain engaged with Iran.

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"We'll ultimately get out (of Iran), ​unless ⁠we decide to stay and keep the oil like Venezuela," Trump said, adding that the US revenue from Venezuela has "paid ⁠for ​the war many times."

Meanwhile, oil prices surged over attacks in the Gulf region on Monday, with benchmarks rising more than 2% after new Houthi strikes on Saudi Arabia and attacks on ships added to supply worries following the closure of a key Saudi oil pipeline.

Brent crude futures rose $2.90, or 2.77%, to $107.51 a barrel as of 2313 GMT, while WTI futures gained $2.27, or 2.27%, to $102.32 a barrel. Prices had initially climbed more than 3% at market open. Oil had already surged 8% over the week because of the disruptions, rising above $100 for the first time since July.

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Saudi Arabian state media on Sunday released video footage showing damage to homes and a mosque from what it said was a Houthi attack on the country's southern Jazan province. The Houthis said they had also struck a Saudi military base in a neighbouring province. In the Gulf, a vessel in the Strait of Hormuz was hit by a projectile, causing a fire and forcing the crew to be evacuated, according to the British maritime security agency UKMTO. Iran said one person was killed and four crew members were wounded aboard an Iranian commercial vessel struck off its coast.

Oil prices had been expected to rise on Monday amid growing concern over supply risks after Saudi Arabia's East-West oil pipeline was shut on Friday by a drone strike that originated in Iraq. The loss of the pipeline, which helped Saudi Arabia reroute its exports while avoiding the Strait of Hormuz, threatens up to 4% of global oil supply.

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