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Trump: Oil Prices Will Come Down Right After Midterms
Newser • • nation
Key Points:
- President Trump stated that elevated oil prices caused by the Iran conflict are unlikely to decrease until after the U.S. midterm elections, predicting a drop in prices shortly thereafter.
- Oil prices surged over 3% on Wednesday, with Brent crude surpassing $100 per barrel for the first time since July amid escalating tensions between the U.S. and Iran.
- Trump expressed optimism that the war with Iran will end immediately after the elections, suggesting Iran is eager for Republican losses to weaken U.S. resolve.
- Gasoline prices have risen to an average of $4.22 per gallon, over a dollar higher than last year, while diesel prices hit record highs, impacting consumer costs significantly.
- The recent spike in oil prices follows U.S. military strikes on Iranian tankers and attacks on Saudi oil facilities by Iranian-backed Houthi rebels.
