The administration of Donald Trump, the President of the United States, stated in a press release that no attack on Iran will occur before the midterm elections in November. These remarks come as oil prices have dropped following this news, although they remain elevated compared to previous days.
Current Oil Situation and Reactions
Following the release of this news, oil prices were affected and saw a decline, but this drop appears to be temporary. Trump also mentioned in his social media post that negotiations with Iran are ongoing and stated that oil is flowing at unprecedented levels.
Read more: US Natural Gas Futures Price Drops to $3.10
However, American and Israeli officials have reported that Iranian leaders are skeptical of Trump's statements and intend to prevent an unexpected attack. Previously, a report from The Atlantic indicated that the Pentagon had prepared attack options for the President, and Trump is likely to respond to these options before the midterm elections.
Impacts on Oil Market and Negotiations
The United States has not conducted any attacks on Iran in recent months, and this relative calm coincides with the approach of the midterm elections. Trump is expected to want to maintain this situation until November 3 to avoid recalling an unpopular war that negatively impacted Republican candidates. However, there is evidence that the White House has asked the Pentagon to develop options for attacking Iranian targets that could be executed before the elections.
This planning indicates the President's desire to lower gasoline prices and demonstrate progress in conflicts before voting. However, a direct attack again would likely have the opposite effect, and given that oil prices typically rise after news related to escalating tensions, this action could lead to increased prices.
Reports from Iran also indicate that negotiations between the two sides have currently reached a deadlock, and Iran has recently added targeting operations on oil tankers using drones in the Strait of Hormuz. This situation may further escalate tensions and impact oil prices.
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