Oil hits highest since May as war fears grip markets
Oil surged to its highest since May on worries about US-Iran escalation, lifting Treasury yields and pressuring gold, while stocks slipped.
23/10/2026 21:116 min read
Trump predicts oil price drop after midterms
Trump stated oil prices will decline post-midterms and gasoline will fall below $2, despite Labor Day weekend prices above $4.
09/09/2026 18:412 min read
Oil prices are set to tumble after the midterm elections, according to Trump. He added that bringing them down will 'take a little longer' but will occur 'shortly, right after the election'. He also stated that gasoline would fall below $2, though over the Labor Day weekend it hit a record high above $4.
Candidates in tight races are unlikely to welcome that message, and this could be seen as a bullish signal for oil since Trump does not appear to have a TACO planned before November.
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