Investor Peter Schiff, co-founder of Echelon Wealth Partners, warns that oil prices may remain elevated and fail to drop back to pre-Iran war levels due to ongoing tensions between the U.S. and Iran.
Schiff Questions End of Conflict
In a recent post on X, Schiff noted that stocks, bonds, and gold prices have risen while oil and the dollar have declined. He attributes this shift to renewed optimism that the early stages of the war with Iran might conclude soon. However, Schiff expresses skepticism, stating, “I doubt it’s really over,” as either Iran could violate any agreement or President Trump might determine that it has.
Schiff predicts oil prices will stay above pre-war thresholds amid these uncertainties.
Stocks, bonds, and gold are up, while oil and the dollar are down on renewed hopes that the beginning of the war with Iran will soon end. I doubt it’s really over, as either Iran will break the deal, or Trump will decide they broke it. Oil prices won’t return to pre-war levels.
— Peter Schiff (@PeterSchiff) May 6, 2026
Current Market Snapshot
Oil prices have recently softened, with West Texas Intermediate (WTI) crude at $93 per barrel. Brent crude trades below $100, at $99.13 per barrel. Despite this, U.S. gas prices continue to climb, reaching a national average of $4.536 per gallon.
Insider Trading Scrutiny on Oil Bets
Large bearish bets against oil have drawn accusations of insider trading aimed at the Trump administration. Former Rep. Marjorie Taylor Greene highlighted trades exceeding $920 million in 10,000 crude oil futures contracts, placed about 70 minutes before reports emerged of a potential U.S.-Iran agreement.
Sen. Elizabeth Warren has also raised concerns over “perfectly-timed” wagers on platforms like Kalshi and Polymarket related to U.S. strikes on Iran in February, which reportedly yielded millions in profits.
Criticism Over Gas Prices
Gov. Gavin Newsom and Sen. Bernie Sanders have criticized the Trump administration after Chief Economist Kevin Hassett praised increased U.S. credit card spending on gasoline and other items.
President Trump remains hopeful about negotiations, saying, “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.” Iranian officials confirm they are reviewing a U.S. proposal for an agreement.
