President Donald Trump told reporters Wednesday that Americans should expect high gas prices through the November midterm elections, with relief coming only after voters go to the polls. Oil hit $101 per barrel this weekâthe highest since early in the Iran conflict.
“Right after the election, oil prices are going to be tumbling downward,” Trump said at Joint Base Andrews before departing for the Republican Party’s midterm convention in Texas. He offered no timeline or mechanism for how prices would drop, but insisted the ongoing war with Iran would end “immediately after the election.”
Iran Conflict Pushes Energy Costs to Seven-Month Highs
Global benchmark Brent crude futures traded above $101 per barrel Wednesday for the first time since July, while U.S. West Texas Intermediate futures surpassed $96 per barrel. The spike comes as the Iran war enters its seventh month with no resolution in sight.
When asked how he would explain soaring energy costs to voters already stretched by inflation, Trump reframed the issue around national security. “All you have to do is say, ‘Will you let Iran have a nuclear weapon?’ And the answer is no,” he said.
What Higher Prices Mean for Households
The oil surge translates directly to pain at the pump and higher heating costs heading into winter. Gas prices typically track crude oil with a two-week lag, meaning drivers should brace for increases through late September. Home heating oil and natural gas prices follow similar patterns, threatening household budgets as temperatures drop.
Trump’s prediction that Iran “can’t hold out any longer” echoes claims he has made repeatedly throughout the conflict, despite ongoing military operations. He provided no evidence or strategic assessment to support his post-election timeline.
The midterm elections are scheduled for November 5, roughly eight weeks away. If Trump’s forecast proves accurate, voters will cast ballots while paying premium prices for energy, with relief arriving only after they’ve made their choices at the polls.
Key Points
- Oil hit $101/barrel this week, highest since early in the Iran conflict, with Trump predicting relief only after November midterms
- President claims Iran war will end “immediately after the election” despite seven months of fighting with no clear resolution
- Higher crude prices will flow through to gas pumps and home heating costs as winter approaches, hitting household budgets during campaign season
https://www.cnbc.com/2026/09/09/trump-oil-gas-prices-midterm-elections.html – September 09, 2026
