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President Trump told a crowd of supporters that the price of oil and gas was coming down, part of an effort in recent days to present a rosier picture of the nearly two-month-long Iran war.
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The Trump administration made the announcement hours after Iran said that the Strait of Hormuz was open to commercial ships.
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Oil prices tumbled more than 11% after Iran declared the Strait of Hormuz open amid a ceasefire deal with Lebanon.
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Oil prices plunged and two U.S. stock indexes hit all-time highs after Iran's foreign minister said the Strait of Hormuz was open for commercial vessels.
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