The comments over the weekend had rattled financial markets, adding to fears that the US-Israeli war with Iran would be a prolonged conflict.
Since the war began on 28 February, Iran has effectively blocked the Strait of Hormuz, one of the world’s busiest oil shipping channels.
About 20% of the world’s oil and liquefied natural gas usually passes through the waterway – and the conflict has sent global fuel prices soaring.
Earlier on Monday, the head of the International Energy Agency (IEA), Fatih Birol, had warned the war could see the world facing its worst energy crisis in decades.
Birol compared the current energy crisis to those of the 1970s and the impact of Russia’s 2022 invasion of Ukraine.
“This crisis as things stand is now two oil crises and one gas crash put all together,” he said, speaking at an event in Australia.
At one point on Monday, the price of Brent had hit $113 a barrel, but it tumbled after Trump’s comments.
While oil fell, stocks rose. Germany’s Dax index was 1.6% higher while France’s Cac was up 1.2%. Earlier, both had been down by about 2%.
Stocks in Asia, which closed before Trump’s latest comments, had seen heavy falls.
Japan’s Nikkei index closed down 3.5% while South Korea’s Kospi index sank 6.5%. Japan and South Korea have been particularly affected by the conflict, as they are heavily dependent on oil and gas that would normally pass through the strait.
