Trump Predicts Oil Prices Won't Tumble Until After Midterms
U.S. President Donald Trump believes oil prices will continue to surge until after the November midterm elections, citing ongoing tensions between the U.S. and Iran as a major contributor.
The price of international Brent crude has surpassed $100 per barrel for the first time since July, following salvos between the two nations that have resulted in a significant slowdown of oil moving through the Strait of Hormuz.
Trump, speaking to reporters on Wednesday, stated that he expects Iran to eventually relent after the elections are held, suggesting that the war will end immediately afterwards due to their desperation to avoid affecting the outcome.
The president's comments come as Republicans face growing pressure to address high gas prices and inflation, with Vice President JD Vance previously declining to predict a specific timeline for the conflict's resolution.