Trump accuses Iran of trying to drive up oil prices before midterms

US President Donald Trump accused Iran of fabricating reports of strikes and mines in the Strait of Hormuz to push up oil prices before the Nov. 3 midterm elections. He also said Washington is not negotiating with Tehran and that something will happen soon.

Scraper SystemOctober 22, 2026, 07:42 PM

Trump accuses Iran of trying to drive up oil prices before midterms

US President Donald Trump accused Iran of trying to push up oil prices ahead of the Nov. 3 midterm elections. "Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election," Trump wrote on Truth Social.

"They are even making up fake hits, mines, and everything else, because more Oil is coming through the Hormuz Strait now," he wrote, accusing Tehran of manipulating the market. Calling Iran's leadership "truly an Evil Regime," Trump said it continues to kill protesters and claimed that "75,000 protestors lie dead in less than seven months," a figure that could not be independently verified. "IRAN CAN NEVER HAVE A NUCLEAR WEAPON," he added.

Oil prices climb

An oil tanker (illustrative)

Trump's post came on a volatile day for oil markets. Brent crude rose about 2.8% to around $111.81 a barrel after nearing $113 earlier, on concerns the United States could resume strikes on Iran, CNBC reported. The New York Times reported that US and Israeli militaries have drawn up plans for new strikes on Iran after the midterms.

'We are not negotiating'

Speaking to reporters on his way back from a rally in South Carolina, Trump said Washington is not negotiating with Tehran. "No, I don't think we are negotiating. Something will happen very soon, one way or the other," he said, adding that the US could end the war immediately but wants a lasting outcome.

On Oct. 8, Trump said the US would not attack Iran before the midterms. Tensions in the Strait of Hormuz have continued to weigh on global energy markets since the US and Israel launched their war against Iran on Feb. 28.

Source: Anadolu Ajansı

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