Trump says oil prices that spiked because of Iran war likely won't come down until after midterms

Chevron gas station prices are displayed in Las Vegas on Thursday, Sept. 3, 2026 (L.E. Baskow/Las Vegas Review-Journal via AP)

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)

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.”