Trump touts oil price dip in closing speech

President Donald Trump highlighted a sharp fall in crude oil prices during his final scheduled public speech before the US midterm elections on 3 November 2026. Speaking at the Lincoln Memorial Reflecting Pool in Washington on Monday, he said oil was down about $10 a barrel and predicted further declines as the US confronted Iran. Brent crude was trading at about $104 a barrel that afternoon, down from $112 earlier in the day, while US benchmark West Texas Intermediate was around $96, down from nearly $103. Trump called it the biggest oil-price drop in history, a claim that does not hold up against earlier market falls.

The decline came amid tentative signs of movement in talks with Iran, including a conditional Iranian offer to reopen the Strait of Hormuz, a vital route for oil shipments. The terms had not been agreed, and the conflict continued to create uncertainty for supplies and transport costs. Cheaper crude could eventually ease petrol and diesel prices, but changes at the pump often lag behind wholesale markets. US petrol averaged about $4.17 a gallon on Monday, roughly $1.13 more than a year earlier, leaving fuel costs a live issue for voters. Much of Trump’s speech focused on his renovation of the Reflecting Pool, with his remarks on oil forming part of a broader closing appeal ahead of the vote.