Donald Trump announced that the price of oil in global markets will soon decline and said that a record for oil supply in the Strait of Hormuz is expected to be broken.

Esmied Shakeri, an energy expert, said that the increase in oil supply from the Persian Gulf region in recent days has been able to reduce part of the market’s concerns and help bring prices down. He added that the continuation of the downward trend in oil prices depends on reducing geopolitical tensions, the situation in the Strait of Hormuz, developments in Yemen, and supply stability in the coming months.