Trump Accuses Iran of Trying to Drive Up Global Oil Prices Ahead of US Midterms

United States President Donald Trump has accused Iran of attempting to drive up global oil prices ahead of the November 2026 midterm elections.

Trump made the allegations in a post on his Truth Social account on Thursday, claiming that Iran was fabricating reports of attacks and mines in the Strait of Hormuz to influence the oil market.

He also claimed that more oil was passing through the strategic waterway than before the conflict began, despite what he described as Iran’s efforts to disrupt the market.

Trump Raises Concerns Over Iran

The US president also accused the Iranian government of killing protesters and others opposed to its actions. He criticised what he described as a lack of response from the international community and the Democratic Party.

Trump further reiterated his opposition to Iran acquiring nuclear weapons, declaring in his post that the country would never be allowed to possess them.

Strait of Hormuz Remains Strategically Important

The allegations come amid heightened tensions over Iran’s nuclear ambitions and concerns about oil shipments through the Strait of Hormuz, a major route for global energy supplies.

Disruptions to shipping through the strait can affect oil supply expectations and contribute to price volatility, making developments in the region important for energy markets.

The US midterm elections are scheduled for November 2026, with oil prices and economic conditions among the issues facing American voters.

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