President Donald Trump weighed in on the surging cost of oil Wednesday, predicting that prices won’t see a significant drop until after the U.S. midterm elections.
Oil prices saw a sharp jump of more than 3% during the day, pushing international Brent crude past the $100 mark for the first time since July as the conflict between the U.S. and Iran continues to intensify.
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“Right after the election, oil prices are going to be tumbling downward,” Trump told reporters before heading to Dallas for a Republican convention. “I think it’s going to take a little bit longer than the midterm.”
The President suggested that Iran is currently holding out in hopes of influencing the U.S. political landscape. “They’re desperate to try and affect the election, so that we can get a nice weak group of people in there, and leave them alone and let them have their nuclear weapon,” he said. “I think the war’s going to end immediately after the election because they can’t hold out any longer.”
While Trump initially predicted the conflict would last only a few weeks, the war is now entering its seventh month. The ongoing hostilities have significantly disrupted the flow of Gulf oil through the Strait of Hormuz—a crucial artery that previously handled about 20% of the world’s petroleum.
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These remarks signal a notable shift in the administration’s tone as it faces increasing pressure to manage the economic fallout of the war. Despite Trump previously dismissing the conflict as “small potatoes” just last week, the impact on gas prices and inflation has become a major concern for voters.
To help stabilize supply, the U.S. has been tapping into its strategic petroleum reserves, which dropped below 300 million barrels in early August—a decline of over 100 million barrels since the beginning of 2026.