Investor and co-founder of Echelon Wealth Partners, Peter Schiff, thinks that the current oil prices may not return to pre-Iran war levels any time soon amid escalating tensions between Washington and Tehran.

Trump Could Decide To Break Deal

In a post on the social media platform X on Wednesday, Schiff said that commodities like gold, as well as bonds and stocks, were up, but “oil and the dollar” were down. Schiff outlined that the movement was due to “renewed hopes that the beginning of the war with Iran will soon end.”

Schiff then expressed doubt about the end of the war. “I doubt it’s really over,” he said, adding that the deal would not stand as either “Iran will break the deal” or “Trump will decide they broke it.” Schiff then predicted that the “oil prices” would not return to “pre-war levels.”

Oil prices have taken a fall recently, with the West Texas Intermediate (WTI) crude trading at $93/barrel at press time. While Brent crude also fell below the $100 mark, currently commanding a price of $99.13/barrel. Gas prices in the U.S., however, continued to surge, with the national average price at $4.536/gallon on Wednesday.

Well-Timed Oil Bets Spark Insider Trading Claims

Bets against oil prices have invited scrutiny from lawmakers directed at the Trump administration, with former U.S. Rep. Marjorie Taylor Greene (R-GA) sparking claims of insider trading after trades worth over $920 million comprising 10,000 bearish crude oil futures surfaced close to 70 minutes prior to a report that claimed an agreement between the U.S. and Iran could be on the horizon.

On the other hand, Sen. Elizabeth Warren (D-Mass) also sounded out claims of insider trading within the Trump administration, citing traders on Kalshi and Polymarket placing “perfectly-timed” bets on U.S. strikes on Iran in February, netting millions of dollars in the process.

Gas Prices Draw Criticism Amid Iran War

Meanwhile, Governor Gavin Newsom (D-CA), as well as Sen. Bernie Sanders (I-VT), slammed the Trump administration following comments made by Chief Economist Kevin Hassett, who hailed the surge in credit card spending in the U.S. on gasoline and other goods.

As the war continues, Trump has expressed optimism about a possible deal with Iran. “They want to make a deal. We’ve had very good talks over the last 24 hours and it’s very possible that we’ll make a deal,” Trump said. Meanwhile, Iranian officials said they were evaluating a U.S. proposal over a deal.