GeopoliticsMedium•8 October 2026•
1 min read
Trump Rules Out Iran Attack Before Midterms; Oil Spikes on Hormuz Explosions
Key Facts
1President Trump stated that there will be no attacks on Iran anytime soon before the midterm elections.
2WTI crude oil prices rose $2.82 to $91.09 following reports of severe explosions in the Strait of Hormuz.
3US weekly initial jobless claims came in at 197K, lower than the expected 200K.
President Trump stated that there will be no attacks on Iran anytime soon before the midterm elections, according to reports. This de-escalation in rhetoric followed a sharp spike in WTI crude oil prices, which rose $2.82 to reach $91.09 after reports of severe explosions in the Strait of Hormuz.
US economic data showed continued labor market tightness as weekly initial jobless claims came in at 197K, lower than the expected 200K. Meanwhile, US Treasury yields retreated from their recent highs to finish at the lows of the day, as Federal Reserve commentary maintained a focus on bringing down inflation levels.