Trump says ‘big announcement’ coming on diesel

US President Donald Trump said Thursday that his administration would soon announce measures concerning diesel, while claiming that 28 million barrels had been “taken out” the previous day amid the war against Iran.

“We have a big announcement coming up on diesel,” Trump said during a Columbus Day celebration at the White House, praising Energy Secretary Chris Wright as “the best energy man in the country.”

“We're going to be knocking the hell out of it,” he said, without providing further details about the planned announcement.

“The prices will come tumbling, and it's going to be over soon, one way or the other,” he said. “We took out yesterday 28 million barrels. I think we took out more than we’ve ever taken out at any time, including before the war,” he added.

The US and Israel launched a war against Iran on Feb. 28, prompting Tehran to respond with missile and drone attacks in the region and effectively close the Strait of Hormuz, a key route for global energy supplies.

The conflict has continued for more than seven months, driving up global energy prices as commercial oil traffic through the Strait of Hormuz has effectively halted.

The US and Iran signed a memorandum of understanding in June following mediation efforts by Pakistan and Qatar to halt hostilities and pave the way for negotiations. Implementation has since stalled amid disagreements, including on security and navigation in the Strait of Hormuz.

“We're going to be knocking the hell out of it,” he said, without providing further details about the planned announcement.

The conflict has continued for more than seven months, driving up global energy prices as commercial oil traffic through the Strait of Hormuz has effectively halted.