President Donald Trump touted the U.S. economy and financial markets on Thursday, pointing to lower oil prices and recent stock market gains as signs that his administration’s policies are working.
In a post on Truth Social, Trump said oil production remained strong, jobs were near record levels, and prices were falling, helping improve affordability for Americans. His comments came as investors weighed easing tensions with Iran and continued gains in U.S. equities.
Speaking to reporters, Trump also linked market gains to hopes for stability in the Middle East, saying, “Every time we talked about the possibility of peace, the stock market shot up like a rocket ship.” He added, “It never went down.”
Oil prices fell sharply as investors reacted to reports of easing tensions between the United States and Iran, reducing concerns about potential disruptions to global energy supplies.
West Texas Intermediate crude dropped from above $81 a barrel to about $73.33, extending losses after a wave of selling in the oil market. While prices briefly recovered during trading, the rebound proved short-lived as selling pressure resumed.
The move drew attention across financial markets. Ash Crypto wrote, “CRASH: Oil crashed to $73 for the first time in 106 days as the US-Iran war officially comes to an end.”
The decline in oil prices comes as the United States remains the world’s largest energy producer. Recent data show U.S. crude oil production exceeding 13.6 million barrels per day, while total oil and liquid fuel output stands at roughly 24 million barrels daily. That is more than the combined production of Russia and Saudi Arabia.
U.S. stocks extended their gains as investors welcomed lower oil prices and easing geopolitical concerns. The S&P 500 rose above 7,500, while the Dow Jones Industrial Average moved closer to the 52,000 mark.
(adsbygoogle = window.adsbygoogle || []).push({});Cryptocurrencies, however, struggled to keep pace with the broader market rally. Bitcoin and other digital assets came under pressure after the Federal Reserve maintained a hawkish stance, raising concerns that interest rates could remain higher for longer.
Market analysts remain divided on Bitcoin’s near-term direction. Michaël van de Poppe asked, “The big question: Is #Bitcoin is going to hold here in the next 48 hours?” He added, “Yields are already correcting after the FOMC, oil continues to fall, which means that STRC is the key reason that we’re correcting at this point.”
Van de Poppe said Bitcoin could climb toward $72,000 if it regains the $65,000 level. Ted Pillows, meanwhile, identified $64,000 as a key area to watch, warning that a move below that support could open the door to a decline toward $60,000.
