U.S. President Donald Trump has said the war with Iran could end “very soon” and predicted a sharp decline in oil prices once the conflict is over, while reiterating that Tehran will not be allowed to obtain a nuclear weapon.

Speaking at a Republican campaign rally in San Antonio, Texas, Trump defended the U.S. military campaign against Iran and said his administration was determined to eliminate what it considers the nuclear threat from Tehran.

“We’ll be out of there soon,” Trump said, adding that oil prices would “come down like a rock” once U.S. involvement in the conflict ends. He repeated the prediction at a separate White House event, saying the war would be finished “very soon” and that oil prices could fall significantly afterward.

Trump said previous U.S. administrations had failed to address Iran’s nuclear ambitions and argued that military action had become necessary. He also said the conflict had pushed oil prices higher, although he claimed the increase was smaller than many had expected.

The president’s comments come as energy markets remain highly volatile. Brent crude rose more than 4.5% on Thursday to above $104 a barrel amid continuing concerns over supply disruptions and attacks on shipping in the Strait of Hormuz. The strategic waterway carries a significant share of global oil and liquefied natural gas shipments.

Trump also pointed to diplomatic contacts involving his special envoy, Steve Witkoff, who has been involved in discussions concerning Iran. However, he indicated that Washington would not accept an agreement solely to end the fighting and continued to emphasize the nuclear issue.

The comments come as U.S. Vice President JD Vance has said Iran must make a meaningful reduction in its nuclear enrichment capacity for Washington to agree to end the conflict. Iran has maintained that its right to enrichment is a non-negotiable issue.

Trump’s prediction of an imminent end to the war contrasts with continued attacks and disruption in regional energy and shipping markets, leaving the timing of any sustained reduction in oil prices uncertain.