Trump: Oil Prices Won't Fall Until After Midterms as War with Iran Continues
US President Donald Trump has stated that oil prices are unlikely to decrease until after the upcoming US midterm elections. The current conflict between the US and Iran, which began seven months ago, has led to a significant increase in oil prices, with Brent crude exceeding $100 per barrel for the first time since July.
Trump believes that Iran will eventually relent after the elections, as they are desperate to affect the outcome and allow them to pursue their nuclear ambitions without interference. He predicts that the war will end immediately after the election, but this is not a new prediction from his administration, which has previously downplayed the conflict.
The US has tapped its strategic petroleum reserves, which fell below 300 million barrels in early August. The current average price for regular gasoline stands at $4.22 per gallon, while diesel prices have reached an all-time high of $5.94 per gallon.