Trump says oil and gas prices won't fall until 'right after' midterm election

President Donald Trump on Wednesday said energy prices that have been elevated due to the Iran war will not come down until after the midterm elections, which are nearly two months away.

"Right after the election, oil prices are going to be tumbling downward," Trump told reporters before heading to Texas for the Republican Party's midterm convention.

The remarks came as oil prices climbed higher following the latest flare-up in hostilities between the U.S. and Iran. Global benchmark Brent crude futures traded above $101 per barrel for the first time since July, while U.S. West Texas Intermediate futures surpassed $96 per barrel at session highs.

Trump also insisted that the war against Iran, now in its seventh month with no obvious resolution in sight, will end "immediately after the election."

"They can't hold out any longer," said Trump, who has repeatedly claimed victory in the ongoing war, when asked to explain his prediction.

But he then suggested that Iran seeks to benefit from an election outcome unfavorable to Trump.

"They're desperate to try and affect the election, so that we can get a nice weak group of people in there, and leave them alone and let them have their nuclear weapon," the president said.

This is breaking news. Please refresh for updates.