Trump Predicts Oil Prices Will Fall After U.S. Midterms

President Donald Trump stated that oil prices, which surged due to the ongoing conflict with Iran, are unlikely to drop until after the U.S. midterm elections. International Brent crude surpassed the 100 dollar threshold for the first time since July, while U.S. benchmark crude reached 95.25 dollars a barrel.

Trump claimed that the war with Iran will end immediately after the midterms because Tehran cannot hold out any longer. The conflict has now entered its seventh month, despite initial predictions that it would last only a few weeks.

“Right after the election, oil prices are going to be tumbling downward. I think it’s going to take a little bit longer than the midterm.”

Energy costs have risen sharply, with average U.S. gasoline prices climbing to 4.22 dollars per gallon. Diesel prices reached an all-time high of 5.94 dollars, and surging jet fuel costs have forced carriers to cut flights and raise fares.

Maritime hostilities escalated as Iran reported attacking 10 ships near the Strait of Hormuz. This followed U.S. military strikes that sank five Iranian oil tankers in response to attacks on a Navy warship and Saudi oil facilities.

Trump also accused Iran of trying to influence the U.S. midterm elections and warned against developing nuclear weapons. Meanwhile, Iran reported firing ballistic missiles at a U.S. military base in Jordan.