Trump Ties Oil Prices to Elections as Brent Hits May Highs
Brent rose to its highest level since May because of tensions around the Strait of Hormuz. More expensive oil is fueling inflation worries and could also hit Bitcoin.
Key Takeaways
- Trump said oil prices will not fall until after the midterm elections in November.
- Brent rose 3.78% to $103, its highest level since May, after new attacks around the Strait of Hormuz.
- More expensive oil and sticky inflation are adding to nerves in risk markets, including Bitcoin.
President Donald Trump said Wednesday that oil prices will not fall until just after the midterm elections in November. Brent rose 3.78% that same day to $103 (€88), its highest level since May. That matters for crypto markets because more expensive energy and sticky inflation often go hand in hand with more nerves in risk assets, including Bitcoin.
Oil Gets a Political Edge
Trump spoke with reporters before flying to a Republican convention in Dallas. He tied the timing of lower pump prices to the war with Iran and said Tehran would probably only want to end the conflict after the vote. According to him, it will still take some time before there is relief at the pump.
The comments came on a day when Brent kept climbing after new attacks around the Strait of Hormuz. That is a crucial route for global oil supplies. The U.S. gas price was $4.22 (€3.62) per gallon, according to AAA, up from $4.01 (€3.44) a month earlier.
Market Watches Energy and Inflation
The rise in oil fits into a broader shock in the energy market. The IEA previously said the war in Iran has caused a historic supply disruption, with a sharp drop in global oil production in March 2026. Major banks have also raised their longer-term oil forecasts, specifically because of the ongoing tension around the Strait of Hormuz.
That does not just affect fuel prices. More expensive oil feeds into transportation, agriculture, and broader inflation expectations. In the United States, consumers and businesses are already feeling that higher energy bill directly, while stock markets and other riskier investments often react to it quickly.
Why Crypto Is Following This
For Bitcoin, this is mostly a macro story. If oil and inflation stay high for longer, that can shape the mood in the crypto market, especially when investors are already bracing for more uncertainty around rates and growth. The current move in Brent shows that geopolitics and crypto are increasingly being grouped into the same risk bucket.
The market is also pricing in political outcomes. According to the source text, crypto bettors give Democrats a 51% chance of a sweep in Congress, partly because of high pump prices. That shows how broadly oil’s impact is being seen now, from gas at the pump to Bitcoin in the crypto market.
Earlier, an earlier Brent jump above $100 had already raised extra concerns about disruptions in the Gulf after attacks on oil facilities rattled the market.
