The comments come ahead of Trump’s meeting with six Gulf leaders as oil prices retreat and retail traders turn bullish on USO and UCO.
- Trump is expected to meet leaders from Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait and Oman at the UN General Assembly.
- The meeting could influence whether the U.S. pursues diplomacy or intensifies military action.
- Brent crude fell nearly 1%, while WTI dropped 3.2% as concerns over supply disruptions eased.
President Donald Trump reportedly said on Thursday that he faces a major decision over the next steps in the Iran war, including whether to resume large-scale attacks. His comments came ahead of a planned meeting with leaders from six Gulf countries, as the U.S. keeps its military presence in the Middle East at its current level through the end of the year.
Trump Faces A Decision On Iran
Trump told Axios, “I have a big decision coming up. Do I want to go in and annihilate them [the Iranian regime] or do I not? It’s a big decision. Anything could happen with me.”
Trump has made similar threats before, but the comments come ahead of his planned meeting on Tuesday with leaders from Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait and Oman on the sidelines of the UN General Assembly in New York.
The meeting could shape the next phase of the war, including whether to push diplomacy again or intensify military action. According to the Axios report, Trump would need the support of his regional allies if he decides to resume major combat operations.
Gulf Allies Could Shape Next Steps
Trump has said many times in recent days that the war will end soon. Some U.S. officials, however, warn that the conflict has settled into an unsustainable stalemate between war and peace. They believe Trump could return to major combat operations after the midterms if a deal is not reached by then.
Trump told Axios that he wants to use the UN meeting to hear directly from regional allies about the next steps in the war. “I want to find out where they are and how they are doing. We have been very protective of them,” the president said.
Trump declined to say whether he would decide on the path forward before or after the midterms in November.
Crude Prices Retreat As Supply Disruption Fears Ease
Oil prices declined as concerns over supply disruptions eased. Crude Oil Brent futures (QA_F) were down nearly 1% at around $100 per barrel, while WTI Crude Oil futures (WS_F) fell 3.2% to about $102 a barrel at the time of writing.
The decline came after Saudi Arabia decided to make more crude cargoes available to Asian refiners through ship-to-ship transfers near the Sohar port in Oman, CNBC reported.
USO, UCO Gain As Retail Sentiment Turns Bullish
The United States Oil Fund (USO), which tracks the price of West Texas Intermediate, was up 0.12% at the time of writing on Wednesday. ProShares Ultra Bloomberg Crude Oil (UCO) gained 0.6%. Stocktwits retail sentiment for both USO and UCO was ‘bullish.’
ProShares Ultra Bloomberg Natural Gas (BOIL) rose 1.8%, while retail sentiment was ‘bearish.’
SPY, DIA, QQQ: Stocktwits Retail Sentiment
U.S. equities were trading higher at the time of writing on Monday. The SPDR S&P 500 ETF (SPY) was up 1.2%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 0.7%. The Invesco QQQ Trust ETF (QQQ), which tracks the Nasdaq-100, rose 1.65%.
Stocktwits retail sentiment for SPY and QQQ was ‘bearish,’ while it was ‘extremely bearish’ for DIA.
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