Trump Predicts Iran Conflict and High Oil Prices Will Continue Until After Midterm Elections

US President Donald Trump has declared that he does not expect the ongoing military conflict with Iran to conclude until after the crucial November midterm elections, emphasizing that the global surge in crude oil prices will remain elevated until the voting takes place.

Speaking directly to reporters on Wednesday as he traveled to Texas, the president expressed confidence that the hostilities would draw to a rapid close in the immediate aftermath of the nationwide vote. Trump maintained that the government in Tehran would be incapable of sustaining its military operations and broader defensive campaign past that critical juncture.

Trump’s statements came ahead of his appearance at the Republican Party's first-ever midterm election convention, a high-stakes gathering designed to mobilize voters ahead of a contest that could fundamentally reshape the balance of power within the United States government.

The ongoing fighting has generated severe volatility across international energy markets, with benchmark crude oil prices surpassing $100 (£74) per barrel on Wednesday for the first time since July. This upward trajectory has been fueled by an intense wave of combat operations and maritime skirmishes in the Middle East.

Domestically, the economic consequences are being felt acutely across the transport and logistics sectors. Earlier in the week, the average price of diesel fuel in the United States reached an unprecedented all-time high, a benchmark that is expected to create a damaging ripple effect, driving up shipping expenses and the retail costs of consumer goods and groceries nationwide.

Trump insisted that energy markets would experience swift relief once the United States achieved victory in the confrontation, forecasting that crude prices would tumble downward as soon as the conflict reached its conclusion. He maintained that the timeline for resolution would likely extend slightly past the midterm vote.

During his exchanges with journalists, the president also leveled sharp accusations against Tehran, asserting without corroborating evidence that the Iranian regime was desperate to influence the outcome of the US midterm elections. Trump argued that Iran desired the election of a weaker cohort of leaders—an apparent reference to the Democratic Party—who would soften Washington's stance and allow the country to acquire nuclear weapons.

Iranian authorities have consistently and adamantly rejected allegations of nuclear weaponization, maintaining that the country's atomic research program is strictly peaceful and denying any intention of manufacturing a nuclear device.

At the convention in Texas, Trump reiterated his campaign themes while openly acknowledging the growing public unease over the conflict's economic fallout. He told attendees that everyday citizens had approached him to express regret over the decision to enter the war, citing the direct correlation between the military campaign and soaring prices at the gasoline pump.

Now entering its seventh month, the military intervention has dragged on significantly longer than the few weeks initially forecasted by the administration. The prolonged engagement, coupled with the broader domestic economic distress, has precipitated a sharp decline in the president's overall job approval ratings among voters.

As a result, the White House is facing mounting pressure from within the Republican Party, including from staunch allies, to bring a swift resolution to the hostilities. Republicans are currently at risk of losing their majorities in Congress on November 3, an outcome exacerbated by historical trends in which the sitting president's party regularly surrenders legislative seats during midterm cycles.

On the military front, the conflict has escalated significantly across strategic waterways. On Wednesday, the US military confirmed that it had carried out precision strikes against five oil tanker vessels operating with established links to Iran.

In swift retaliation, Iranian armed forces launched attacks targeting two US Navy destroyers alongside eight commercial tankers situated in the Strait of Hormuz. State media in Iran reported that the retaliatory strikes caused heavy and extensive damage to the vessels in the maritime corridor.

The regional security situation deteriorated further following strikes carried out by Iran-backed Houthi forces in Yemen. The group launched an extensive series of attacks against energy targets inside Saudi Arabia, igniting large-scale fires at key petroleum facilities and amplifying global supply anxieties.

The renewed wave of warfare follows the formal expiration last month of a fragile 60-day ceasefire between Washington and Tehran. The sudden spike in energy expenses and global supply disruptions has sparked widespread warnings that persistent fuel-driven inflation could ultimately force US monetary authorities to enact further interest rate increases.

When pressed on whether a negotiated resolution remained viable, Trump suggested that future talks between Washington and Tehran were theoretically possible, though he clarified that direct diplomatic engagement is not currently under active consideration by the administration.