Trump: No Attack on Iran Before U.S. Midterm Elections on Nov. 3

[Financial News]  U.S. President Donald Trump officially announced that he would not resume military attacks on Iran before next month’s U.S. midterm elections. With the war between the two countries now in its seventh month, the move is seen as signaling the possibility of a deal before or after the midterms and leaving room for dialogue.
President Trump said on social media on the 8th (local time), “The United States will not attack Iran before the midterm elections on November 3,” adding that the U.S. negotiating team was holding productive discussions with Iran. At a campaign rally in San Antonio, Texas, the previous day, he had also said that special envoy Steve Witkoff was continuing indirect negotiations with Iran.
However, President Trump did not completely rule out the possibility of resuming full-scale war after the election. At the rally, he said, “Iran is trying to offer anything to stop the war, but the negotiations are not entirely to my liking.”
The two countries signed a provisional agreement in June for a 60-day ceasefire and a framework for a formal peace accord, but it was scrapped within weeks after military clashes over control of the Strait of Hormuz. One-fifth of the world’s oil supply passes through the Strait of Hormuz, where the U.S. Central Command (CENTCOM) is now escorting oil tankers that have switched off their tracking devices at night to help resume transit.
The United States believes it has gained the upper hand as the U.S. Navy’s blockade has effectively cut off Iran’s oil exports and oil exports from Gulf states have returned to previous levels. Iran, however, is also stepping up attacks on tankers passing through the strait, and overall shipments of crude oil and liquefied natural gas (LNG) remain below prewar levels. Freight rates for tankers risking passage through the strait have soared to at least $1 million a day.
Tensions in the Middle East are becoming even more complex as Saudi Arabia and Yemen’s government launch a military operation to drive Iran-backed Houthi rebels from the Bab el-Mandeb Strait, a strategic chokepoint in the Red Sea, while the rebels retaliate with drone and missile attacks on Saudi airports and critical infrastructure.

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