U.S. President Donald Trump said in a post on his Truth Social platform that 22 million barrels of oil crossed the Strait of Hormuz in a single night, while pledging not to launch a new attack on Iran before the congressional midterm elections scheduled for November 3.
Oil flows through the Strait of Hormuz
Trump said the volumes crossing the strait were neither coming from nor headed to Iran, pointing to the continued U.S. blockade imposed on Tehran.
The figure of 22 million barrels cited by Trump could not be independently verified, while previous estimates indicated that oil exports through the strait had recovered to around 14.2 million barrels per day, equivalent to roughly 80 percent of prewar levels.
Attack postponed until after the elections
Trump confirmed that the United States would not attack Iran before the elections, without explicitly ruling out a resumption of military operations after they end. He linked his position to the continuation of what he described as productive talks with Tehran, while stressing that the blockade would remain in place and that Iran would be prevented from acquiring a nuclear weapon.
The announcement came after reports that the U.S. administration was considering options for resuming attacks, amid the continued buildup of U.S. military forces in the region and rising risks facing oil tankers in the Strait of Hormuz.
Oil prices fall
Trump's announcement helped ease fears of an imminent military escalation that could cause further disruption to energy supplies. Oil prices fell on Friday, with Brent crude dropping to around $102.60 a barrel and West Texas Intermediate crude declining to around $90.18, as talks between Washington and Tehran continued.
Shipping through the Gulf continues to face threats, while transport and insurance costs remain high amid ongoing disruptions at refineries and in fuel supplies.
Economic pressure ahead of the elections
Trump's position came as public support for the war declined ahead of the elections. Reuters/Ipsos polls showed that only about one-third of Americans support the war or U.S. strikes on Iran, while roughly 80 percent believe military involvement will continue for a long time.
The war has affected oil and fuel prices and the cost of living, increasing pressure on Trump and Republicans as they seek to retain their narrow majority in Congress.
