Trump Says Gas Prices Won’t Come Down Until After The Midterms: ‘Going To Take a Little Bit Longer’

President Donald Trump said on Wednesday that elevated gas prices won't come down until after the midterms.

Speaking to press before heading to Dallas for the midterm Republican convention, Trump said he believes Iran will capitulate before the end of the year.

"I think the war's going to end immediately after the election because they can't hold out any longer," Trump said. "Right after the election, oil prices are going to be tumbling downward," he added.

Gas prices remain high in the U.S., with AAA's national average standing at $4.22 on Wednesday. Oil prices are also, elevated, with Brent crude topping $100 on Wednesday as Washington and Tehran forces kept trading strikes.

The U.S. Central Command (Centcom) said the latest escalation involved its forces destroying five Iranian tankers in retaliation for an attempted attack against a warship.

"The U.S. warship successfully evaded the attempted Iranian attacks and continued to patrol regional waters. No American personnel were harmed," Centcom added. "Iran has used the tankers as part of a multibillion-dollar shadow network that funds the IRGC and its regional proxies. Iran has no means by which to defend these vessels."

Iran, in turn, had claimed that its revolutionary guard had struck two U.S. vessels, along with eight oil tankers in the Gulf. Forces added that the vessels had sought to transit the Strait of Hormuz through areas it designated as "forbidden and unsafe."

The Trump administration also escalated pressure on Iran through economic means, sanctioning over a dozen airlines.

The department noted in a statement that, overall, the "Treasury's Office of Foreign Assets Control (OFAC) sanctioned 36 targets for supporting Iran's aviation sector, which the regime uses to move weapons, personnel, and illicit cargo."

The decision also targets "covert front companies, foreign intermediaries, and deceptive transshipment routes that Iran relies on to obtain U.S.-origin aircraft and sensitive technology."

"Under Operation Economic Outcast, we promised severe consequences for those providing financial lifelines to the Iranian regime," Treasury Secretary Scott Bessent said.

"Let this be a warning to anyone doing business with Iran's remaining airlines, all of which we sanctioned today: You are at risk of being cut off from the global financial system," he added.

As hostilities continue, Goldman Sachs is now warning that a prolonged disruption in the region could send Brent crude as high as $120.

Goldman Sachs raised its oil price forecasts this week, citing the prospect of prolonged shipping disruptions. The bank now expects Brent to trade at $85 a barrel in December and WTI at $80, both $5 above its previous estimates. Its 2027 forecasts stand at $80 for Brent and $75 for WTI.