U.S. President Donald Trump has declared that the conflict with Iran will only cease after the upcoming November midterm elections, forecasting a subsequent decline in oil prices.

Trump made these remarks on Wednesday, suggesting that Iran cannot sustain its current position "much longer" and that the "war is going to end immediately after the election." His comments coincide with his departure for Texas to attend the Republican Party's first convention leading up to the midterms, an election that could significantly alter the balance of power in the U.S. government.

The President indicated that oil prices, which recently climbed to $100 per barrel for the first time since July due to escalating Middle Eastern fighting, are expected to "be tumbling downward" right after the election. He added that the conflict "is going to take a little bit longer than the midterm."

Trump also asserted that Iran is attempting to influence the election by seeking the election of a "nice weak group of people," an apparent reference to Democrats, whom he believes would permit Iran to acquire nuclear weapons. Tehran has consistently denied pursuing nuclear arms.

This prediction comes seven months into a conflict that the U.S. President had initially anticipated would last only a few weeks. The ongoing hostilities and their economic repercussions, affecting everything from fuel to groceries, have reportedly contributed to a decline in Trump's approval ratings.

Recent days have seen an intensification of fighting in the Middle East, with attacks targeting oil facilities across the region, driving up global fuel costs and the prices of goods requiring shipping. The U.S. military announced it had attacked five oil tanker ships with alleged ties to Iran. In retaliation, Iranian state media reported that Tehran launched attacks on two U.S. Navy destroyers and eight oil tankers in the Strait of Hormuz, causing substantial damage.

Earlier in the week, the Iran-aligned Houthis in Yemen conducted a series of attacks in Saudi Arabia, resulting in fires at oil facilities. The recent surge in fighting, which reignited after a 60-day ceasefire between the U.S. and Iran expired last month, has also led to forecasts of rising fuel costs potentially prompting higher interest rates in the United States.

While Trump suggested further negotiations with Iran are possible, he characterized them as "not something we're looking at." He did not elaborate on specific diplomatic strategies or the conditions under which negotiations might proceed.