Trump says Iran war will end ‘very quickly’, predicts oil prices will ‘plummet’ after Senate's War Powers Resolution

US President Donald Trump on Tuesday, May 19, said that the war with Iran will end 'very quickly' causing the global oil prices to decrease drastically. While speaking to the press in Washington, he again said that Tehran wanted to make a deal badly and that there was an abundant supply of oil. His comments came soon after the US Senate voted 50-47 to limit US President Donald Trump's war powers in Iran.

“There's so much oil out there, they're going to come plummeting down..We're going to end that war very quickly. They want to make a deal so badly...You are going to see oil prices plummet. They're going to come down. There's so much oil out there, they're going to come plummeting down,” said US President Donald Trump. Oil prices fell after Trump's announcement. Brent futures eased 45 cents to $110.83 per barrel while WTI futures eased 27 cents to $103.88 per barrel.

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US Senate passed the War Powers Resolution on its eighth attempt with support from four Republican senators. "After seven failed attempts, I am thankful that my Republican colleagues have joined in bringing our War Powers Resolution to the Floor and exercising our constitutional responsibility to declare war,” said Democrat Senator Tim Caine. Senator Bernie Sanders also welcomed the resolution. However, the step marks the first step in the resolution, even if both chambers approved the resolution, Trump is expected to veto it.

The development follows after he was "an hour away" from making a decision to order new strikes on Iran, but refrained from doing so as the Gulf allies advised against it. Before Trump called off the strike on Monday, Iran said it had sent another set of amended terms for a potential peace deal, and reminded that the US, rather than Iran, was desperate for a ceasefire.