Trump says oil prices that spiked because of Iran war likely won't come
down until after midterms
[September 10, 2026]
By AAMER MADHANI
WASHINGTON (AP) — President Donald Trump said Wednesday that oil prices
that have surged because of the Iran war likely won’t come down until
after U.S. midterm elections.
Oil prices on Wednesday jumped more than 3%, pushing international Brent
crude past the $100 threshold for the first time since July as salvos
between the U.S. and Iran escalated.
“Right after the election, oil prices are going to be tumbling
downward,” Trump said. “I think it’s going to take a little bit longer
than the midterm.”
The comments were a striking acknowledgment from Trump about the
conflict as his Republican administration faces mounting pressure to
address high gas prices as the war in Iran grinds on with no conclusion
in sight.
Trump, in an exchange with reporters before traveling to Dallas for the
midterm Republican convention, added that he believes Iran will finally
relent after the pivotal elections are held in the U.S.
“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,” Trump said. He added, “I think the war’s
going to end immediately after the election because they can’t hold out
any longer.”
Trump also spoke at length about the war in Iran during his keynote
address to the convention Wednesday evening. He acknowledged it caused
energy prices to spike and financial markets to struggle, but said it
was necessary to prevent Iran from obtaining a nuclear weapon.
Trump also polled the audience, asking, “Does anyone here think Iran
should have a nuclear weapon?” The crowd responded with a resounding
“no.”
The president at the outset of the war said it would last a matter of
weeks. The conflict is now in its seventh month. The U.S.-Israel war
against Iran has led to a dramatic slowdown of Gulf oil moving through
the Strait of Hormuz, which about 20% of the world’s petroleum passed
through prior to the conflict.
Trump last week downplayed the conflict as “small potatoes” even as
Republicans expressed concern the war will loom large with voters left
navigating elevated gas prices and higher inflation.
The U.S. has tapped its strategic petroleum reserves, which in early
August fell below 300 million barrels, down by more than 100 million
barrels since the start of 2026.
[to top of second column]
|
President Donald Trump talks with reporters after an emergency
inflatable slide deployed on Air Force One before before Trump
arrived to board at Joint Base Andrews, Md., Wednesday, Sept. 9,
2026. (AP Photo/Jacquelyn Martin)
Trump's prediction that the war won't be wrapped up until after Nov.
3 comes after Vice President JD Vance last week steered clear of
predicting that the conflict would be over by the midterm elections,
in which Republicans are trying to hang on to their narrow
majorities in Congress.
Vance told reporters he didn’t want to set “artificial timelines”
for the war's end.
“But when you ask, ‘When will this end?’ You’re asking me a question
like, ‘When will the Iranians stop shooting at ships?’” Vance said.
“I think the reality is, I don’t know the answer to that question.
You would have to ask the Iranians.”
U.S. benchmark crude on Wednesday stood at around $96 a barrel, and
U.S. gasoline prices rose sharply overnight.
The average price for a gallon of regular gasoline ticked up 7 cents
overnight t o hit $4.22, now more than a dollar above what it cost
at this point last year, according to AAA.
Diesel prices, which can have an outsize impact on consumers because
it is used in shipping and production, hit an all-time high Friday
and have continued to climb since. The average price per gallon rose
to $5.94 overnight, up 9 cents from Friday.
Jet fuel has become so expensive that U.S. and international
carriers have cut flights while raising fares and fees.
The latest market gyrations come after the U.S. military reported
striking five Iranian tankers in response to attempted missile
attacks on a Navy warship and after attacks by an Iranian-backed
Houthi rebel group ignited fires at oil facilities in Saudi Arabia.
___
AP writers Cathy Bussewitz and Jonathan J. Cooper contributed
reporting.
All contents © copyright 2026 Associated Press. All rights reserved |
