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– Trump claims that oil prices will not fall until immediately after the November midterm elections.

The price of benchmark Brent crude rose to $101.63a peak not seen since Maywhile Bitcoin hovered around the $79,000 level.

As past experience shows, conflictsnot political campaignsare the key factor behind sharp spikes in oil prices.

On Wednesday, President Donald Trump stated that oil prices are not expected to fall until after the November midterm elections. He linked lower gas prices at the pump to the war against Iran, which he expects Tehran to abandon after the U.S. election.

On the same day, Brent crude, the global benchmark, rose 3.78% to $103. This is the highest level since May, recorded following the latest clashes in the Strait of Hormuz.

Trump spoke to the press before departing for the Republican convention in Dallas, accusing Iran of prolonging military hostilities to weaken his party in the midterm electionsthe congressional elections held halfway through a presidential term.

I think it will take a little longer than the November elections, he noted.

He also stated that Tehran is on the verge of collapse and will immediately begin seeking ways to end the war after the vote. However, no representative of the Iranian authorities has mentioned such a timeline. The conflict has been ongoing for seven months now.

Earlier, BeInCrypto reported that, according to a Goldman Sachs forecast, oil prices would rise to $120 due to Trumps refusal to negotiate. Wednesdays remarks only reinforced that forecast.

Remember this lie Why should Americans pay for the wars of the Israeli regime? this was the response from the Iranian Consulate General in reaction to Trump setting a political timer for oil prices.

The American Automobile Association (AAA) estimated the national average price of gasoline at $4.22 per gallon on Wednesday. A month ago, drivers were paying $4.01.”,”detected_source_language”:”RU