Trump: Oil Prices Won't Drop Until After Midterms
President Donald Trump said that oil prices, which have surged due to the ongoing Iran war, will not decrease until after the US midterm elections. The current conflict has led to a significant slowdown of Gulf oil passing through the Strait of Hormuz, affecting about 20% of global petroleum.
Trump stated that 'Right after the election, oil prices are going to be tumbling downward.' He believes Iran will eventually relent after the elections, as they are desperate to affect the outcome and let the country have its nuclear weapon. The war is now in its seventh month, contrary to Trump's initial prediction that it would last only a matter of weeks.
The US has tapped into its strategic petroleum reserves, which fell below 300 million barrels in early August. Oil prices have risen sharply overnight, with U.S. benchmark crude reaching $96 a barrel and the average price for regular gasoline hitting $4.22 per gallon.