Key facts
- Trump took credit for a nearly $10 drop in oil prices on Monday, November 2, 2026.
- Trump said the decline followed reports that Iran's Supreme Leader Mojtaba Khamenei granted diplomats additional powers to reach a settlement with the United States.
- Trump said oil prices would fall further and that the United States was winning with Iran.
- Trump said he would not launch strikes against Iran after the elections, according to a White House pool reporter.
U.S. President Donald Trump took credit for a nearly $10 drop in oil prices on Monday, November 2, 2026, in a closing speech before the midterm elections at the Lincoln Memorial Reflecting Pool in Washington, D.C., according to JNS.
Trump said the decline followed reports that Iran's Supreme Leader Mojtaba Khamenei had granted the country's diplomats additional powers to reach a settlement in negotiations with the United States. "It's going to go down a lot further," Trump said of oil prices. "We're winning with Iran, easily winning."
Trump also said the United States had a war with Iran and won, adding that he did not know if it should be called a war because there had been no fighting for months. He has previously said he would not renew military strikes against Iran ahead of the midterms.
After the speech, a White House pool reporter asked whether he would launch strikes against Iran after the elections. "No," Trump replied, according to the press pool.
The speech also covered the refurbishment of monuments in Washington and attacks on Democrats, including claims about "communist jihadists" and "Muslim Brotherhood members" among candidates. Trump is scheduled to phone in to nine pre-election rallies on Monday, according to the White House schedule.