Trump Predicts Oil Prices Will Stay High Until After Midterms Amid Iran Conflict

President Trump says oil prices will remain high until after midterms as Iran conflict escalates. Gas prices surge amid rising tensions.

Editorial Desk

September 10, 2026 One Min Read

POLICY WIRE — Washington, D.C. — President Donald Trump said Wednesday that oil prices, which have surged due to the ongoing conflict with Iran, are unlikely to drop until after the U.S. midterm elections.

Oil prices climbed more than 3% on Wednesday, pushing international Brent crude past $100 a barrel for the first time since July. The increase came as tensions between the U.S. and Iran escalated, with the U.S. military reportedly striking five Iranian oil tankers in response to missile attacks on a Navy warship and attacks by an Iranian-backed Houthi group in Saudi Arabia.

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Trump told reporters that he expects oil prices to fall only after the November 3 election, stating, “I think it’s going to take a little bit longer than the midterm.” He also claimed that the war would end immediately after the election because Iran would be unable to continue fighting. However, the conflict has now lasted seven months, far longer than Trump initially predicted.

Reporting by Policy-Wire (PW)

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