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Trump Accuses Iran of Raising Oil Prices Before Midterms
· Confirmed
In Short: US President Donald Trump accused Iran of deliberately driving up oil prices ahead of the November midterm elections.
US President Donald Trump accused Iran of deliberately driving up oil prices ahead of the November midterm elections, alleging that Tehran is fabricating reports of attacks and mines in the Strait of Hormuz to influence the outcome of the elections.
Trump made the accusation in a Truth Social post on Thursday, October 22, and during a rally in South Carolina, where he claimed Iran was doing everything possible to increase oil prices before the midterms.
According to Trump, Iran is spreading false reports of attacks and naval mines in the Strait of Hormuz to discourage transit and raise oil prices. He also noted that more oil is currently passing through the Strait of Hormuz than before the conflict began.
Trump's remarks come as his administration faces pressure over rising fuel costs in the United States ahead of the midterm elections, which will determine control of Congress. Gas prices have risen by nearly $1.30, or 43%, since the outbreak of the Iran war in February, according to AAA data.
The national average price of a gallon of gas stands at $4.27, marking an increase of nearly $1.30, or 43%, since the outbreak of the Iran war in February, AAA data showed.
Two senior Iranian officials have said Iran is stepping up attacks on commercial shipping and expanding its maritime operations in an effort to keep global oil prices elevated and influence the outcome of the US midterm elections.
One official said, “Just when they think they are getting close to the point where prices will fall, we will push them away from it. This is a game of chess.” Another official stated, “The aim is to frustrate efforts by the United States and its allies to bring down global oil prices.”
Iran’s restrictions and attacks have sharply reduced shipping traffic through the strait, pushing up oil prices, although some shipments have continued to pass through.
The United States has deferred potential military strikes against Iran until after the November 3 midterm elections, citing ongoing productive discussions.
Analysts attributed elevated gas prices to ongoing fighting in the Middle East, which has damaged oil infrastructure and forced firms to take up costly means of transporting crude.
In a separate development, American endurance swimmer Katherine Breed completed a 900-mile journey from Oregon to Mexico in 111 days, raising awareness about marine conservation and threats to ocean ecosystems.
Gas prices are $4.75, we’re stuck in a never-ending war, it’s impossible to escape political ads three weeks ahead of the midterms, and America is set to livestream an actual public execution.
What this adds
The attacks and the resulting price surge reflect a renewed geopolitical risk premium rather than an actual shortage of crude supplies, according to Tekedia.
Two senior Iranian officials have said Iran is stepping up attacks on commercial shipping and expanding its maritime operations in an effort to keep global oil prices elevated and influence the outcome of the US midterm elections.
The national average price of a gallon of gas stands at $4.27, marking an increase of nearly $1.30, or 43%, since the outbreak of the Iran war in February, AAA data showed.
At the time of writing, the pair trades around 157.71, down 0.24% on the day.
Background
The attacks and the resulting price surge reflect a renewed geopolitical risk premium rather than an actual shortage of crude supplies, according to Tekedia.
What's confirmed
- US President Donald Trump on Thursday, October 22, accused Iran of deliberately pushing up oil prices ahead of the November 3 midterm elections, while alleging that Tehran was fabricating reports of attacks and mines in the Strait of Hormuz.
- Trump blames Iran for rising oil prices ahead of midterms Trump's remarks come as his administration faces pressure over rising fuel costs in the United States ahead of the midterm elections, which will determine control of Congress.
- "Iran is doing everything they can to drive up the price of Oil prior to the US Midterm Election. They are even making up fake hits, mines, and everything else," Trump said, while claiming that more oil is currently passing through the Strait of Hormuz than it did before the conflict began.
- High gas prices continue to weigh on wallets as voters list affordability as a top concern ahead of early November's midterm elections.
- US President Donald Trump accused Iran of attempting to drive up global oil prices ahead of the upcoming US midterm elections, claiming that the Islamic Republic is spreading false reports of attacks and naval mines in the Strait of Hormuz.
- “Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election,” Trump wrote on his Truth Social platform, Anadolu Agency reported.
- “They are even making up fake hits, mines, and everything else, because more Oil is coming through the Hormuz Strait now than it did even prior to the beginning of the Conflict,” Trump wrote on his Truth social platform.
What's still developing
- Less than two months out from the midterms, gas costs 37 percent more than it did a year ago.
- “I didn’t give anybody heads-up,” Massie told reporters Tuesday afternoon.
- President Donald Trump's decision to rule out further military strikes on Iran before November's midterm elections signals a temporary shift toward diplomacy, even as Washington maintains economic pressure on Tehran through fresh sanctions and unresolved nuclear disputes.
- At the time of writing, the pair trades around 157.71, down 0.24% on the day.
- Fuel prices are unlikely to ease significantly before Election Day on Nov. 3, some analysts told ABC News, predicting gas prices would all but certainly remain above $4 a gallon.
- "transferring oil cargoes from one ship to another."
- "It's usually a pretty slow downward trajectory for gas prices," Krishnamoorti said.
- Republican Study Committee (RSC) members are highlighting ahead of the November midterm elections the need to continue protecting taxpayer-funded food assistance programs from fraud following a nationwide federal enforcement operation that uncovered nearly $42 million in Supplemental Nutrition Assistance Program (SNAP) fraud.
- Set us as preferred A sweeping campaign by federal immigration agents to identify voter fraud by noncitizens through door knocks, street stops and other field interviews in California and eight other states must be reined in ahead of the Nov. 3 election, after a federal judge in Northern California ruled it has intimidated U.S. citizens and interfered with the work of voting rights groups.
- "They're a little grumpy with me right now," he said.
- Trump laid the charges against the Islamic Republic in a Thursday Truth Social post, stating that the Middle Eastern nation was employing multiple tactics to raise prices.
- “When I talk to people, they're worried about obviously paying more in energy prices. But I do think there's a lot of misinformation out there,” he said.
Sources
- ABC News - Breaking News, Latest News and Videoslink
- Arise Newslink
- Bgneslink
- Dunya Newslink
- Free Press Journallink
- Israel National Newslink
- Latest news from Azerbaijanlink
- Los Angeles Timeslink
- Middle East Monitorlink
- Oannlink
- The Jerusalem Postlink
- The New Regionlink
- The New Voice of Ukrainelink
- Timesnownewslink
- ИФЗ РАНlink
- Newsweeklink
- NewsX World — video link