Trump Predicts Oil Prices to Fall After Midterm Elections

President Donald Trump has predicted that oil prices will begin to fall significantly after the upcoming U.S. midterm elections. Brent crude oil surpassed $100 per barrel on Wednesday for the first time since July, amid escalating tensions between the U.S. and Iran.

Trump indicated that the price decline would not occur until after the elections, stating, "Right after the election, oil prices are going to be tumbling downward." He suggested Iran is attempting to influence the election outcome to achieve a "weak group of people" in power who would allow their nuclear program.

The comments come as the Trump administration faces pressure regarding high gasoline prices amid the ongoing conflict. Republicans are concerned that elevated fuel costs could impact voters ahead of the midterm elections, where they aim to maintain their congressional majorities.

The conflict in the Persian Gulf has disrupted oil shipments through the Strait of Hormuz, a critical chokepoint for global oil transit. The rise in prices has also affected jet fuel, leading airlines to reduce flights and increase fares.