President Donald Trump told reporters in Texas that the Iran war will not end until after the November midterm elections, adding that oil prices will fall only then. He said, "I think the war's going to end immediately after the election because they can't hold out any longer."
Trump’s remarks come as he heads to the Republican Party’s first convention in Texas, where the balance of power in Congress could shift. He is under pressure from within his party to end the conflict and his approval ratings have slipped amid the war’s economic fallout.
Oil prices rose to $100 a barrel for the first time since July, driven by heightened fighting in the Middle East. Trump told reporters that "right after the election, oil prices are going to be tumbling downward," adding that it might take a little longer than the midterm for prices to fall.
He warned that Iran was "desperate to try and affect the election" so that a weak group of people could be elected, a reference he implied was aimed at the Democrats. Tehran has denied seeking nuclear weapons. Trump said further negotiations with Iran were possible but not a priority.
The conflict, now in its seventh month, has intensified with attacks on oil facilities and ships. The US military said it had attacked five oil tanker ships tied to Iran, while Tehran responded by striking US Navy destroyers and oil tankers in the Strait of Hormuz. The Iran-linked Houthis also launched attacks in Saudi Arabia, sparking fires at oil facilities.
With the war’s escalation raising fuel costs, economists predict higher interest rates could follow. Trump’s comments suggest he believes the political outcome of the midterms will ultimately determine the war’s end.
