Oil prices drop as Trump dismisses speculation of pre-midterm military action against Iran.
Published On 9 Oct 2026
United States President Donald Trump has said the US will not attack Iran before the November 3 midterm elections.
The US president said late on Thursday: “we are having productive discussions with the Islamic Republic of Iran,” in a post on Truth Social. “We will not be attacking Iran at any time prior to the midterm elections to be held in the United States on November 3rd.”
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Oil prices fell early on Friday as Middle East supply concerns eased somewhat after tensions in the energy-rich Gulf region had mounted in recent weeks.
The possibility of renewed fighting had appeared to drive up oil prices in trading on Thursday. Some analysts believe Trump’s comments were an attempt to try and bring prices back down.
Iran’s Foreign Minister Abbas Araghchi said Tehran is reviewing the US response to its seven-day plan to reopen the Strait of Hormuz, and that Iran will respond within the “next few days”.
He added that negotiations are continuing through mediators, Iran’s Tasnim news agency reported.
Hormuz explosions
Iranian media reported “massive explosions” in the southern Strait of Hormuz on Friday, with Fars citing unnamed military sources as saying tankers using “unauthorised” routes may have struck sea mines.
On Tuesday, US Vice President JD Vance said Iran must make a “meaningful” reduction in its uranium enrichment capacity as part of an agreement to end the war. Experts say this demand may signal a softening of Washington’s earlier insistence that Tehran abandon enrichment altogether.
On Monday, Iranian President Masoud Pezeshkian said negotiations with Washington were “futile”, accusing the US of using negotiations to attack Iran.
Russian President Vladimir Putin told Pezeshkian that Russia will “do everything” to help end the US-led war on Iran, Russian news agencies reported on Thursday.