President Donald Trump on Thursday accused Iran of deliberately trying to drive up global oil prices ahead of next month’s U.S. midterm elections, claiming Tehran is fabricating attacks on shipping while continuing a brutal crackdown on its own people.
“Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election. They are even making up fake hits, mines, and everything else, because more Oil is coming through the Hormuz Strait now than it did even prior to the beginning of the Conflict,” he said.
Trump claimed in a Truth Social post that the Iranians “continue to kill protestors, and anyone else that happens to be in their way. It is truly an Evil Regime, and I can only hope the American Public, and the World, understands how EVIL they are! 75,000 protestors lie dead in less than seven months.”
The cost of living is a major issue in the midterm campaigns.
Less than two weeks from the November 3 midterm polls, Trump also used the post to criticize Democrats for ignoring Iranian government’s actions.
“It is shocking how the World, and the Democrat Party, seem not to care. IRAN CAN NEVER HAVE A NUCLEAR WEAPON, AND THEY WILL NEVER A NUCLEAR WEAPON!”
The president’s remarks come as U.S. and Israeli forces advance planning for possible renewed military action after the November 3 midterms.
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— Rapid Response 47 (@RapidResponse47) October 22, 2026
Oil Price Surge Adds to Midterm Affordability Concerns
The dispute over Iran’s intentions comes as global oil markets remain vulnerable to escalating tensions in the Middle East. On Thursday, Brent crude rose 4% to $113.17 a barrel, while U.S. West Texas Intermediate crude gained 2.4% to $99.47, as renewed Houthi attacks on Saudi infrastructure heightened concerns about potential supply disruptions.
The price increase underscores how threats to shipping routes and energy infrastructure can reverberate through global markets even when oil continues to move through the region. The Strait of Hormuz, a critical passage for international oil and liquefied natural gas shipments, has become a central point of leverage in the conflict. Restrictions on maritime traffic, threats against commercial vessels and the prospect of further attacks have increased uncertainty over future supplies and raised the risk premium attached to crude prices.
A Reuters report published October 14 said Iran was deploying new tactics against vessels transiting the Strait of Hormuz as it sought to keep oil prices elevated and influence the U.S. midterm elections. Two senior Iranian officials told the news agency that Tehran viewed the period before the vote as an opportunity to exert pressure on Trump. The officials spoke anonymously, and their account does not independently establish that Iran fabricated the attacks alleged by the president.
The political stakes are significant because energy costs feed directly into the broader cost-of-living debate. A sustained rise in crude prices could push up petrol and diesel prices, increase transportation and distribution costs, and add pressure to household budgets. The extent of any increase at the pump would depend on how long crude prices remain elevated, as well as refining costs, taxes and retail margins.
With affordability a major concern for voters, higher fuel costs could intensify scrutiny of Trump’s handling of the conflict and his administration’s economic record. The president faces a difficult balance: responding forcefully to Iranian actions while avoiding an escalation that could further disrupt oil supplies and make energy more expensive for American consumers.
One day’s price surge does not establish a lasting trend, however, and oil prices alone cannot determine electoral outcomes. The political implications will depend on whether the increase persists, how voters attribute responsibility for it, and how energy costs compare with other concerns such as housing, food and healthcare.
Netanyahu Orders Overthrow of Iranian Regime
Israeli Prime Minister Benjamin Netanyahu has made regime change in Tehran an explicit object
US and Israel Plan for Possible New Strikes on Iran After Elections
“There is only one way to eliminate this threat once and for all: to topple the regime in Iran,” Netanyahu said. He has repeated the message in recent campaign appearances, stating he has given the same directive to all Israeli security agencies and that a comprehensive plan exists to bring the regime down.
U.S. Defense Secretary Pete Hegseth met with Netanyahu in Israel this week to discuss possible new strikes, the New York Times reported.
In response, Iran Threatens U.S. Technology Infrastructure and Bases
Senior Iranian officials responded with their own warnings. Major General Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said negotiations with the United States have been halted.
If war breaks out again, undersea internet cables, data centers, and AI facilities could be among Iran’s targets, according to the official Islamic Republic News Agency (IRNA) and state broadcaster Press TV. Rezaei claimed more than $2 trillion worth of U.S.-linked technology assets in the region could be at risk.
Potential targets include communications cables, data centers, AI facilities, and other critical infrastructure. Iranian officials and hardline media have pointed to roughly seven major undersea cable systems running through the Gulf and Strait of Hormuz area.
Iran Warns of Retaliatory Strikes on US Tech Infrastructure Worth Over $2 Trillion
In an interview with the U.S.-based DropSite News, Rezaei addressed the effects of U.S. sanctions and a naval blockade. “Iran will suffer from a prolonged blockade. Families will pay a price, investment will be damaged, and sustaining some sectors of the economy will become more difficult,” he said. “But economic pain and strategic collapse are not the same thing.” He added that Tehran has held back some capabilities.
“We did not deploy all our capabilities in the previous stages. We brought more capabilities into operation in proportion to the intensity of the war, and we are also prepared for the next stage.” Rezaei said Iran has spent decades preparing through dispersed production, underground facilities, different launch systems, and the ability to repair damage.
“Our goal is not to make it to 2029. Our goal is to end the war on terms that reduce the likelihood of another war,” he stated. “If diplomacy can create this understanding, we prefer diplomacy; but if the war continues, Iran has the necessary means to sustain its response.”
Iran’s Revolutionary Guards issued a separate warning. If the U.S. military continues escorting ships through the Strait of Hormuz, the conflict will extend to American bases across the Middle East, the Guards said in a statement on their Sepah News website.
U.S. and Israeli Forces Prepare Options After Midterms
The New York Times reported that the U.S. and Israeli militaries have developed plans for renewed strikes against Iran after the midterm elections, with preparations advancing for a potential short but intensive campaign.
The two forces have stepped up exercises, including flights over Iraq to practice strike maneuvers.
Potential targets include Iran’s nuclear facilities, missile and drone arsenal, and energy infrastructure. Some officials told the newspaper that another major round of attacks could damage Iran’s economy enough to force diplomatic concessions.
President Trump has previously indicated he would not resume major combat operations before the midterms.
Kiran Asim is a writer who covers the U.S., Europe, South Asia, and the Middle East. Her reports and analyses look at the geostrategic issues and contemporary developments and their economic and political implications. She also writes about society and education.
