Crude markets stabilize as President dismisses speculation of pre-midterm military action against Iran.
9 Oct 2026
United States President Donald Trump has confirmed that the US will not conduct an attack on Iran ahead of the midterm elections scheduled for November 3.
The President stated late 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.”
Oil prices declined early Friday as concerns regarding Middle East supply chains eased somewhat following weeks of heightened tension in the energy-rich Gulf region.
Fears of renewed conflict had previously pushed oil prices up during Thursday trading. Some analysts suggest Trump’s remarks were intended to help bring prices back down.
Iran’s Foreign Minister Abbas Araghchi said Tehran is reviewing the US response to its seven-day proposal to reopen the Strait of Hormuz, and that Iran will issue its response within the “next few days”.
He added that negotiations continue through mediators, according to Iran’s Tasnim news agency.
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.