Trump rules out new attack on Iran until after midterms as oil prices spike

President Donald Trump has ruled out launching new attacks on Iran until after the November mid-term elections in the United States, according to a statement he posted on Truth Social. The comments come after reports emerged that the Pentagon was preparing for a resumption of high-intensity strikes on Iran. Brent, the international oil benchmark, surged 4.5 percent on Thursday amid the reports and the confirmation that Iran had attacked two vessels in the Gulf.

One tanker was hit off the coast of Qatar, and another was targeted near the Strait of Hormuz. Direct fighting between the United States and Iran has largely ceased, but the two countries are still vying for control over oil and gas flows through the Bab el-Mandeb Strait. The United States appears to have the advantage in this area, with oil flows through the Hormuz Strait reaching nearly 90 percent of pre-war levels in late September, according to energy analytics firm Kpler. Energy prices remain high, which could be problematic for Trump as he faces the mid-term elections.