Trump says oil prices will drop like a rock. It’ll be more like a feather | CNN Business

President Donald Trump made a bargain with the American people: The Iran war will deliver lasting security gains in exchange for temporary financial pains. With an agreement on a deal framework set to be signed on Friday — one that could eventually lead Iran to dismantle its nuclear program — the next step would be to get oil and gas prices back down to where they were before the war started. Over, and over, and over again, Trump has said energy prices will “drop like a rock” as soon as peace is negotiated and the Strait of Hormuz reopens. That will be a difficult promise for Trump to keep. Trump’s “drop like a rock” prediction is easy to believe: It sure doesn’t feel like oil has much further to fall. “Normal” — i.e. the sub-$70 Brent crude price from before the war — is just around 15 bucks away. After the agreement was announced Sunday, oil fell below $85 and has already fallen around $25 from its recent peak that it hit a month ago. But the market is telling us a different story. Futures contracts that stretch out to next year and beyond have barely budged, even as the contract for the closest month — the price we reference when we talk about “oil pr