Trump says 400 oil tankers are stranded at the Strait of Hormuz and predicts prices will “drop like a rock” when the war ends
President Trump said on May 1, 2026 that around 400 oil tankers are stranded at the Strait of Hormuz and predicted that oil prices would fall sharply once a deal with Iran is reached even as analysts warn that the energy price shock could outlast the conflict itself.
