Oil Prices Hit US$110, Trump Announces When They Will Drop
US President Donald Trump has hinted that oil and gas prices in the United States are not yet set to decline. However, he has guaranteed that prices will experience a drop immediately after the US midterm elections, scheduled for early November.
This statement comes as the US-Iran war enters its seventh month and energy prices surge once again. Global Brent crude prices hit US$101 per barrel on Wednesday, the first time since July, while US WTI reached over US$96 per barrel.
“Right after the election, oil prices will plummet,” Trump told reporters at Joint Base Andrews, before departing for Texas to attend a Republican Party mid-term convention, as quoted by CNBC International on Thursday (10/9/2026).
Trump believes the rise in energy prices can be explained to the public by linking it to the Iranian nuclear threat. Nuclear concerns were also the justification Trump used to initiate the war last February, during which an attack in Tehran killed the then-supreme leader, Ayatollah Ali Khamenei.
“You only need to ask, ‘Will you let Iran have nuclear weapons?’ And the answer is no,” he stated.
He also predicted that the war with Iran would end “shortly after the election,” asserting that the Iranian regime would be unable to sustain itself much longer.
On the same occasion, Trump accused Iran of attempting to influence the results of the US midterm elections. He claimed that Iran is conducting a mission to ensure the United States has a weaker administration that will no longer pressure its nuclear programme.
This statement serves as a “rare admission from Trump” that the war and its impact on US energy prices are likely to persist beyond the midterm elections. This situation could potentially become a political burden for Trump and the Republican Party, as inflation and the high cost of living remain primary concerns for voters.
Trump has previously stated multiple times that a peace deal with Tehran is close. Now, however, he is placing more emphasis on the destruction of military capabilities and economic pressure on Iran, while the US military claims to have destroyed 10 Iranian tankers in the past week, with Trump warning that more attacks are to come.
Trump also claimed that current petrol prices, which are at their highest levels, will drop below US$2 per gallon, but admitted that such a decrease might only occur after the midterms. This prediction has been doubted by fuel analyst Patrick De Haan.
“I see absolutely no guarantee that this will happen,” De Haan stated via the X platform.