U.S. President Donald Trump has accused Iran of spreading misinformation to raise oil prices ahead of next month’s midterm elections.
Trump said the Iranian regime was “doing everything they can” to drive up oil prices, including fabricating reports regarding the Strait of Hormuz.
A 9th Expeditionary Bomb Squadron B-1B Lancer flies over the East China Sea May 6, 2020, during a training mission. The 9th EBS is deployed to Andersen Air Force Base, Guam, as part of a Bomber Task Force supporting Pacific Air Forces’ strategic deterrence missions and commitment to the security and stability of the Indo-Pacific region. (U.S. Air Force photo by Senior Airman River Bruce)
U.S. Air Force Senior Airman Colby Delia, 9th Expeditionary Bomb Squadron crew chief, and Airman 1st Class Olivia Ward, 9th Expeditionary Bomb Squadron crew chief, prepare for a B-1B Lancer to take off for a mission at Misawa Air Base, May 9, 2025. BTF missions provide opportunities to train and work with our allies and partners in joint and combined operations and exercises. (U.S. Air Force photo by Airman 1st Class Mattison Cole)
Trump also accused Tehran of killing 75,000 protesters since the war began almost eight months ago.
Trump on Truth
On the morning of Thursday, 22nd October, Trump shared a post on Truth Social in which he concluded with his campaign message that Iran will never have a nuclear weapon as a result of U.S. military action in the Middle East over the past year.
“Iran is doing everything they can to drive up the price of oil before the U.S. midterm elections,” Trump wrote on Thursday morning. “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 before the beginning of the conflict.”
Trump added that Tehran is continuing to “kill protesters, and anyone else that happens to be in their way,” describing the authoritarian government as “an evil regime.”
Oil and the Strait
Iran, which closed the Strait of Hormuz when the conflict with the U.S. and Israel began at the end of February, maintains that passage through the international waterway is prohibited, and that any vessel that attempts to transit through will be targeted by the country’s Islamic Revolutionary Guard Corps.
Tehran has intensified attacks on shipping in the Strait of Hormuz after an increase in traffic saw Gulf oil exports return to pre-war levels at the end of September for the first time since the conflict began.
Brent crude, the global benchmark for oil prices, fell below $100 per barrel on Wednesday, 30th September, as a result.
However, as Iranian strikes have increased in recent weeks, so too has the price of Brent crude, which has now passed $114 per barrel.
The U.S. Navy claimed in August that it had removed all sea mines from the Strait of Hormuz and maintains that the waterway is open for travel.
However, despite handsome bonuses offered to crew members, shipowners and captains remain reluctant to risk their lives and their vessels to transit the strait, thus reducing the amount of traffic passing through each day and reducing the supply of oil from Middle East exporters.
A Price to Pay
President Trump acknowledged the political cost of the conflict when speaking to reporters at the White House on Thursday.
His personal approval rating is at a record low, while his party looks set for a difficult night when the country goes to the polls on Tuesday, 3rd November.
“There’s a price to pay, which I knew immediately when I did it,” Trump told reporters. “But we can’t let Iran have a nuclear weapon.”
Trump also acknowledged that Americans had differing views over whether the country should have gone to war with Iran.
“In one way, they love it because I’m doing what should have been done by other presidents. In another way, maybe they don’t,” he said.
Little Sign of Peace
Questions remain as to whether the U.S. and Israel will resume strikes on Iran after discussions over a peace deal between Washington and Tehran stalled.
Last month, Iranian officials presented the Trump administration with a proposal to end the conflict.
The deal largely resembles the memorandum of understanding that was signed between the two warring nations earlier this year, but ultimately fell through after the U.S. accused Iran of striking commercial shipping in the Strait of Hormuz.
After rejecting the deal, the U.S. sent a response to Tehran, which Secretary of the Supreme National Security Council Mohsen Rezaei described as “insufficient.”
“About two weeks ago, we communicated seven conditions to the Americans, stating explicitly that until these conditions are met, the Strait of Hormuz will not be opened to them, and no negotiations will take place,” Rezaei told state media. “The Americans have now responded. While they have accepted some of our conditions, others remain unresolved.”
He added: “We are no longer in the process of responding to the Americans. They have replied, and we consider it insufficient. They must clarify the issues that remain ambiguous.”
About the Author: Shay Bottomley
Shay Bottomley is a British journalist. He has written for the Western Standard, Business Insider, Maidenhead Advertiser, Slough Express, Windsor Express, Berkshire Live and Southend Echo.
