Trump Predicts Oil Prices Will Fall After Midterm Elections

President Donald Trump stated Wednesday that oil prices, which have surged due to the war in Iran, are unlikely to decrease until after the U.S. midterm elections.

Oil prices rose more than 3% on Wednesday, pushing Brent crude past $100 for the first time since July as U.S. and Iran exchanged salvos. Trump told reporters that right after the election, oil prices are going to be tumbling downward, adding, "I think it's going to take a little bit longer than the midterm."

He also suggested Iran is desperate to try and affect the election to install a weak group of people in power. Trump made these remarks before heading to Dallas for the midterm Republican convention. The conflict, which began in February with U.S. and Israeli attacks on Iran, has now entered its seventh month. Iranian attacks have disrupted exports through the Strait of Hormuz, and the U.S. has imposed a naval blockade on Iran's ports.

The price of Brent crude has exceeded $100 three times in the past six months. Trump also pledged that if the GOP wins the midterm elections, every U.S. adult would receive $5,000 payments, a move costing over $1 trillion. The war's economic impact, including high gas prices and inflation, is a growing concern for Republicans as the elections approach.