Oil prices ease after Trump pledges no Iran attacks before midterms

Oil prices declined after United States President Donald Trump stated that the country will not launch attacks against Iran prior to the November midterm elections. According to the Guardian and multiple outlets including Investing.com, Seeking Alpha, CNBC, Radio Free Europe, and Baird Maritime, the president cited productive discussions with Iranian officials as the reason for holding off military action. [1][2][3][4][5][6][7][8][9][10][11]

The Guardian reported that Brent crude dropped by as much as 1.3 percent in mid-morning trading on Friday before stabilizing around 0.3 percent lower at $103.87 per barrel. Lower energy costs offer potential relief to businesses and consumers managing high fuel expenses. The drop in prices came as China also moved to restart its fuel exports, according to the Guardian. [1]

The conflict between the United States, Israel, and Iran began on 28 February 2026, following air strikes that targeted locations across Iran. The war disrupted global energy supplies after the closure of the Strait of Hormuz, a crucial shipping route that typically carries more than 20 percent of the world petroleum trade. Attacks on energy facilities caused global oil prices to escalate and triggered fuel shortages in major importing nations. [13][14]

EnergyNow.com reported that President Trump also warned China and Russia against getting involved in the conflict. Investors and business owners continue to monitor Middle East tensions, as future developments before the November midterm elections could quickly alter global supply expectations and energy costs. [1][2][7][12]