Trump warns oil prices may remain high until after US midterms

President Trump told reporters on September 9 that Americans should expect oil and gas prices to stay elevated through the November midterm elections, attributing the sustained pressure to the US-Iran conflict that has roiled energy markets for most of 2026. Speaking before departing for Texas and the Republican Party’s midterm convention, Trump predicted that prices would “tumble downward” once the elections are behind us. The numbers behind the pain Brent crude climbed above $100 per barrel on the same day Trump made his remarks. The national average gasoline price sat at $4.22 per gallon, a figure that has become frustratingly familiar to American drivers. Gas prices have exceeded $4 per gallon frequently throughout 2026. At the worst point of the conflict, WTI crude surged above $112 per barrel. The US-Iran conflict, which began on February 28, 2026, has repeatedly disrupted traffic through the Strait of Hormuz. That narrow waterway handles roughly 20% of the world’s oil supply. Houthi attacks on shipping routes have compounded the problem, adding another layer of risk premium to every barrel moving through the region. A political problem dressed up as an energy crisis The admi...