Trump Predicts Oil Prices Won't Tumble Until After Midterms

President Donald Trump claimed that oil prices, which have surged due to the ongoing conflict between the US and Iran, won't decrease until after the US midterm elections. The president made this statement during a press conference before heading to Dallas for the Republican convention.

Oil prices jumped over 3% on Wednesday, with international Brent crude surpassing $100 per barrel for the first time since July. Trump stated that he believes Iran will eventually relent and end the conflict after the elections, as they are 'desperate' to affect the outcome of the vote.

The president's comments come as his administration faces growing pressure to address high gas prices, which have been exacerbated by the ongoing war in Iran. The US has tapped its strategic petroleum reserves, with levels falling below 300 million barrels for the first time since the start of the year.