Trump predicts oil and gas prices will decrease after midterm elections

President Donald Trump stated on Wednesday that energy prices, which have risen due to the ongoing conflict with Iran, will not decrease until after the midterm elections scheduled for early November. "Right after the election, oil prices are going to be tumbling downward," Trump told reporters at Joint Base Andrews before departing for Texas for the Republican Party's midterm convention. He was responding to a question about the recent surge in oil prices, which reached levels not seen since the early weeks of the Iran war. On Wednesday, global benchmark Brent crude futures traded above $101 per barrel, while U.S. West Texas Intermediate futures surpassed $96 per barrel at session highs. Trump explained that the situation could be clarified by asking Americans whether they would allow Iran to develop nuclear weapons, to which he believes the answer would be no. He also suggested that the conflict with Iran, which has persisted for seven months without a clear resolution, would conclude "immediately after the election." Trump indicated that Iran is attempting to influence the election outcome to favor a less assertive U.S. administration. His comments reflect an acknowledgment that both the war and the resultant price increases are unlikely to resolve soon, impacting the Republican Party amid ongoing inflation concerns. Trump has previously claimed that a peace deal with Iran was imminent, but he now appears to favor a strategy focused on military action and economic pressure against Iran. The U.S. military reported on Tuesday that it had destroyed ten Iranian tankers in the past week, while Iran's Revolutionary Guard claimed responsibility for attacks on oil tankers in the Persian Gulf. Trump also stated that gas prices would eventually fall below $2 per gallon, but only after the midterms, indicating that relief is still several weeks away. He noted that it would take longer than the midterm elections for prices to decrease significantly. Fuel analyst Patrick De Haan from GasBuddy expressed skepticism regarding Trump's prediction, stating, "I don't see any guarantees at all of that happening."