Oil prices fell as President Trump denied speculation of pre-midterm military action against Iran.
Published October 9, 2026
US President Donald Trump has said the US will not attack Iran before the November 3 midterm elections.
“We are in productive discussions with the Islamic Republic of Iran,” the US president said in a post on Truth Social late Thursday. “We will not attack Iran at any time before the midterm elections in the United States on November 3rd,” he said.
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Oil prices fell early on Friday as supply concerns in the Middle East eased slightly, following heightened tensions in the energy-rich Gulf region in recent weeks.
Oil prices rose in Thursday trading as fears of renewed fighting emerged. Some analysts believe Trump’s comments were an attempt to drive down prices.
Iranian Foreign Minister Abbas Araghchi said Iran was considering the US response to the seven-day plan to reopen the Strait of Hormuz and that Iran would respond in the “coming days.”
He added that negotiations were continuing through a mediator, according to Iran’s Tasnim news agency.
Hormuz explosion
Iranian media reported on Friday that there had been a “massive explosion” in the southern Strait of Hormuz, and Fars, citing anonymous military sources, said the tanker may have used an “unauthorized” route to strike a mine.
On Tuesday, US Vice President J.D. Vance said Iran must “meaningfully” reduce its uranium enrichment capacity as part of a deal to end the war. Experts say the request could signal a softening of Washington’s previous insistence that Iran abandon enrichment altogether.
Iranian President Masoud Pezeshkian said on Monday that negotiations with the United States were “futile” and accused the United States of using the talks to attack Iran.
Russian President Vladimir Putin told Pezeshkian that Russia would “do everything” to help end the US-led war against Iran, Russian news agencies reported on Thursday.
