President Donald Trump said Sunday that oil prices will fall sharply when the war ends, while touting employment, incomes and poverty figures as evidence of the strength of the U.S. economy.

Speaking to reporters as he boarded Marine One for Medinah, Illinois, Trump said he expects the pressure on oil prices to ease with the end of the conflict.

“Oil will come dropping down as soon as demand gives up, as soon as the war will is over [which will be soon.] Oil is going to come plummeting down and oil prices are coming down,” he said.

Trump also pointed to oil moving through the Strait of Hormuz, saying the volume transported overnight had reached a record.

“Remember one thing: oil is less expensive now than it was under the Biden administration. With all of that being said, we’re taking tremendous amounts of oil out. Last night, we took a record amount of oil out of the Hormuz Strait, more than we took out before the war.”

The president then turned to the broader state of the U.S. economy, pointing to employment, poverty and individual incomes.

“More people working today than at any time ever before. We have the best. I guess say poverty. They call poverty. We have the best poverty numbers ever in the history of our country. In other words, there’s less poverty now than at any time today in our country because we have the best income numbers per individual in the history of our country. People making more money than they’ve ever made before”

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