Oil Prices Plunge as Trump Rules Out Iran Strikes Before Midterms

By ZeroHedge - Oct 08, 2026, 1:00 PM CDT President Trump just issued a new Truth Social Post Thursday just after noon time (eastern), wherein he declared "we will not be attacking Iran at any time prior to the Midterm Elections" in November. Oil dropped on the statement (though is still up on the day)...The full Trump post below, wherein Trump also claims that active discussions with the Iranians are still happening, and that oil is "flowing in record numbers"...Quick Iranian rection:U.S. and Israeli officials say Iranian leaders are deeply suspicious of Trump's statements. The officials said Iranian leaders want to avoid a third surprise attack, reports Axios.To recall, The Atlantic reported late Wednesday that the Pentagon is preparing strike options for the Commander-in-Chief to consider, and that Trump may actually pull the trigger before the midterm elections - though the report emphasizes that the decision was still being debated:After months of on-again, off-again fighting, the United States hasn’t struck Iran in several weeks. The stretch of relative tranquility is coinciding with the final phase of the midterm-election campaign, and the assumption has been that President Trump will want to keep it going through November 3 so as not to remind voters of an unpopular war that is dragging Republican candidates down nationwide.But that may not be what happens. The White House has asked the Pentagon to develop strike options against Iranian targets that could be exercised ahead of the midterms, according to two administration officials. The planning underscores just how much the president wants to reduce gas prices and demonstrate progress in the conflict before the vote, administration officials told us.And yet a renewed outbreak of direct bombing would likely actually serve to do the opposite, given oil prices have tended to shoot up on headlines of major direct escalation.Reports out of Iran confirmed earlier Wednesday that negotiations are 'stalemated' - also as the Iranians have ramped up targeting tankers with drones in the Strait of Hormuz over the last week.By Zerohedge.comMore Top Reads From Oilprice.comBig Oil Begins Shutting In Gulf of Mexico ProductionFirst Deep-Gulf Tanker Attack in Nearly a Month Hits Vessel off QatarOil Jumps 5% as Iran Steps Up Attacks on Hormuz Tankers Download The Free Oilprice App Today Back to homepage