Trump predicts oil prices will fall after midterm elections amid Iran conflict
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President Trump said oil prices, which have risen sharply due to the Iran-U.S. confrontation, are unlikely to decline until after the U.S. midterm elections.
President Donald Trump told reporters on Wednesday that the recent surge in oil prices, driven by the escalating conflict between the United States and Iran, is unlikely to ease until after the upcoming midterm elections. Brent crude rose more than 3% on the day, pushing the benchmark above $100 a barrel for the first time since July, according to market data.
"Right after the election, oil prices are going to be tumbling downward," Trump said, adding that the decline might take a little longer than the election itself.
He also suggested that the war could end promptly after the vote, saying Iran would be unable to continue the hostilities. Trump claimed that Iranian officials were hoping for Republican losses in the U.S. election to influence outcomes, a view reported by a financial news outlet.
The price of regular gasoline rose 7 cents overnight to $4.22 per gallon, more than a dollar higher than a year ago, according to the American Automobile Association. Diesel prices have also reached record levels, affecting shipping and production costs. The price increase followed a U.S. military strike on five Iranian tankers in response to attempted missile attacks on a Navy vessel, as well as attacks by an Iran-backed Houthi group that sparked fires at Saudi oil facilities.