US crude tops $100 a barrel as Trump predicts Iran war will end after midterms
West Texas Intermediate crude rose above $100 per barrel, while Donald Trump said the conflict with Iran would conclude immediately after the midterm elections.
U.S. benchmark West Texas Intermediate crude climbed to $101.53 per barrel on Thursday, surpassing the $100 threshold for the first time since May. The earlier price drop in July was tied to an interim peace agreement with Iran, which has now expired, leaving markets wary as fighting continues. Donald Trump announced to reporters that the war with Iran would cease "immediately after the election" and that oil prices would soon tumble.
However, reports indicate that senior White House officials, such as Vice President JD Vance and Secretary of State Marco Rubio, have debated scenarios in which Iran could prolong the conflict into 2029. Average gasoline prices rose roughly $0.06 per gallon between Wednesday and Thursday, according to AAA, suggesting a lagging but ongoing impact on consumer fuel costs. Analysts expect the higher oil prices to keep pressure on U.S. inflation and fuel markets in the weeks ahead.
Why it matters
Rising oil prices affect fuel costs for consumers and signal how geopolitical tensions may shape the U.S. economy.
How this story developed
- Aug 23 Iran readies major fuel price hike amid US sanctions and war pressures
- Sep 7 U.S. Energy Secretary Chris Wright publicly called on allies to share the burden of escorting tankers through the Strait of Hormuz.
- Sep 7 Pentagon advisers warned that U.S. munitions stocks are low, making a large‑scale strike against Iran unsustainable.
- Sep 7 South Korea announced it is consulting allies while maintaining diplomatic contact with Iran regarding Hormuz security.
- Sep 7 Diesel price rose to $5.85 per gallon, a new national high.
- Sep 7 Brent crude climbed to about $97 a barrel as US‑Iran clashes intensified, and analysts said gasoline prices may ease in October with the shift to winter‑grade fuel.
- Sep 8 The US military said it destroyed five Iranian oil tankers in retaliation for two missile strikes on a US warship over two days.
- Sep 9 Iran launched a missile strike on a Jordanian military base.
- Sep 9 US military says it destroyed five Iranian crude oil carriers following IRGC ballistic missile attacks on a US Navy warship.
- Sep 9 Iran said its forces also engaged two US vessels and eight oil tankers in the Strait of Hormuz.
- Sep 9 Donald Trump said the war with Iran will end immediately after the November midterm elections, arguing Tehran cannot sustain its campaign.
- Sep 10 Oil prices have risen above $95 a barrel amid renewed Middle‑East tensions.
- Sep 10 Projectiles struck Iran's Sirik coast, causing multiple blasts in Minab County and on Qeshm Island.
- Sep 10 New reporting highlights a sharp inflation jump and rising fuel costs, reinforcing expectations of a deposit‑rate increase.
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