“The largest in history.” Trump comments on the decline in oil prices on the eve of the midterm elections

- On Monday, US President Donald Trump praised the recent decline in oil prices, even though prices are still at levels considered among the highest in history ahead of Election Day. Trump said in statements he made at the Lincoln Memorial Reflecting Pool, on the eve of the midterm congressional elections: “The price of oil fell by $10 today, which is the largest drop in the history of oil prices. Never before in one day has the price of oil fallen by this much - $10 - and it will continue to fall even more, because we are achieving victory in confronting Iran, and we are winning easily.”

Brent crude fell by 7.3%, reaching $106 a barrel in recent trading, putting the global index on track to record its largest daily decline since late July. Likewise, US oil futures fell by about 7%, falling below the level of $97 per barrel.

Despite these sharp declines, gasoline and diesel prices remain on track to record their highest levels on any “Election Day” in US history. These increasingly high prices were at the forefront of election campaigns across the country ahead of Tuesday.

This decline is due to the markets' assessment of the latest developments in the diplomatic talks between the United States and Iran.