President Donald Trump said he has no regrets about launching the Iran war and predicted the conflict would end “immediately after the election” in November, as oil prices surged to multi-month highs. The war began in February when the US and Israel attacked Iran and is now in its seventh month, despite Trump initially saying it would last only weeks.
Brent crude hit $100 a barrel on Wednesday for the first time since July, then climbed as high as $109.97 before easing to around $107.86. West Texas Intermediate pushed above $103, and both benchmarks posted weekly gains of about 11% to 13%, the sharpest since mid-July. US diesel prices also reached an all-time high, while analysts warned that rising fuel costs could push interest rates higher.
Fighting intensified near the Strait of Hormuz, where Iran said it attacked 10 ships and the US said it sank five Iranian tankers. Iran's IRGC claimed attacks on two US Navy destroyers and eight tankers, and launched ballistic missiles at a US air base in Jordan; Jordan intercepted 20 missiles, but several US jets were damaged. Yemen’s Houthi group seized the Red Sea port city of Mokha, tightening its grip on the Bab el-Mandeb Strait and reportedly striking Saudi Arabia’s East-West oil pipeline.
Pressure is mounting on Trump from within his own party, with Republicans at risk of losing Congress in the November 3 midterm elections. Trump acknowledged supporters have told him they wish he had not started the war because gasoline prices are up. Meanwhile, Gulf foreign ministers are set to meet Iran’s top diplomat in Oman on Monday to discuss a Hormuz shipping deal, though White House advisers reportedly believe the conflict could extend into early 2029.
