Surging oil prices from Iran war will be ‘tumbling downward’ after midterms, Trump says

President Donald Trump stated on Wednesday that the recent surge in oil prices due to the Iran war is expected to decline after the U.S. midterm elections. On Wednesday, oil prices surged by more than 3%, breaching the $100 mark for international Brent crude for the first time since July. The conflict between the U.S. and Iran has escalated, prompting Trump to acknowledge the conflict's impact on energy prices and financial markets.

He believes the war will conclude after the midterm elections, as Iran is eager to influence the outcome to avoid scrutiny over its nuclear ambitions. Trump downplayed the war's length, stating it has been ongoing for seven months, while Republicans expressed concern over the potential impact on voters grappling with higher gas prices and inflation.

The U.S. has drawn from its strategic petroleum reserves, which fell below 300 million barrels in early August, a decrease of over 100 million barrels since the beginning of 2026. Trump's prediction of the conflict's end after the election followed comments from Vice President JD Vance, who declined to predict a specific timeline, emphasizing the need to await the Iranians' response.

U.S. benchmark crude prices reached around $96 a barrel, while U.S. gasoline prices rose to an average of $4.22 per gallon, marking a 7-cent increase overnight and a 50% rise compared to the same period last year.