Trump Predicts Oil Prices Will Tumble After Midterm Elections

US oil prices have surged to over $100 per barrel for the first time since July due to the ongoing conflict between the US and Iran. President Donald Trump acknowledged that oil prices are unlikely to decrease until after the US midterm elections, which are scheduled for November 3.

'Right after the election, oil prices are going to be tumbling downward,' Trump said in a statement on Wednesday. He believes that Iran will finally relent after the pivotal elections and that the war will end immediately afterward.

The conflict has led to a significant slowdown of Gulf oil moving through the Strait of Hormuz, which about 20% of the world's petroleum passed through prior to the conflict. The US has tapped its strategic petroleum reserves, which fell below 300 million barrels in early August, down by more than 100 million barrels since the start of this year.

Trump's prediction comes after Vice President JD Vance last week steered clear of predicting that the conflict would be over by the midterm elections. The average price for a gallon of regular gasoline has risen sharply overnight to hit $4.22, now more than a dollar above what it cost at this point last year.