Trump Predicts Post-Midterm Oil Price Relief Amid Escalating Iran Conflict
President Donald Trump said oil prices won't come down until after the midterm elections. He claimed that 'right after the election, oil prices are going to be tumbling downward.' The current war with Iran is in its seventh month, and Brent crude futures have climbed above $102 a barrel, while U.S. West Texas Intermediate futures surpassed $96.
Iran has signaled readiness for a more intense war, saying it will escalate counterstrikes if the U.S. continues attacking its territory and infrastructure. Tehran has no intention of backing down in the face of an American naval blockade and attacks on its oil tankers, citing an official from the Islamic Republic.
The United States Oil Fund (USO) was up 0.6% after-hours at the time of writing, while ProShares Ultra Bloomberg Crude Oil (UCO) was up 0.75%. Retail sentiment for these assets was bearish and bullish, respectively.