Overview
- Brent crude briefly rose above $100 per barrel on Wednesday as renewed U.S.-Iran strikes and attacks on oil tankers tightened flows through the Strait of Hormuz.
- President Donald Trump told reporters that the war will end and oil and gasoline prices will fall “right after” the November midterm elections.
- The U.S. has already released more than 100 million barrels from the Strategic Petroleum Reserve and the SPR fell below 300 million barrels in early August, limiting emergency supply options.
- Retail pain is mounting for households and businesses with the national average gasoline near $4.22 per gallon and diesel at a record about $5.94 per gallon, raising shipping costs and prompting some airlines to cut routes.
- Energy analysts and the EIA say supply constraints could persist through year‑end, and some White House advisers privately warn the conflict could be protracted, heightening political risk for Republicans ahead of close midterm races.