President predicts Iran will relent after November elections are held in the U.S.

Chevron gas station prices are displayed just off the Strip in Las Vegas on Sept. 3. L.E. Baskow - Las Vegas Review-Journal via AP.

By Jeff Mason | Bloomberg

President Donald Trump predicted that the war in Iran would only end after the November midterm elections, and that significant gasoline price relief wouldn't come before then, a scenario that could heighten political risk for Republicans.

Fresh fighting in the Middle East between the U.S. and Iran intensified concerns about energy flows through the Strait of Hormuz, pushing benchmark Brent crude above $100 a barrel. Asked Wednesday about climbing oil prices, Trump said there would be relief, but not for the next two months.

"I think it's going to take a little bit longer than the midterms," Trump told reporters before departing Washington for his midterm convention in Dallas. "They're going to be tumbling down, and we'll get them down. I think for gasoline, we'll get them below $2 a gallon. But not until after the midterms."

Gasoline prices, currently hovering above $5.87 per gallon in California and $4.22 nationwide, according to AAA, pose one of the biggest political threats to Trump's fellow Republicans in the midterm elections.

Brent oil topped $101 a barrel for the first time since July, as escalating attacks across the Middle East heightened concerns about further disruptions to energy flows out of the crude-rich region.

The global crude benchmark settled more than 3% higher in New York, while West Texas Intermediate traded near $96. The session was punctuated by explosions and emergency alerts across the Middle East, while Iran said it was prepared for a more intense war and pledged to intensify strikes against the US.

The conflict has disrupted shipping through the crucial Strait of Hormuz chokepoint, though millions of barrels a day of crude flows on tankers sailing undetected had helped keep prices in check. It's unclear how the latest flareup may affect those 'dark' transits.

Voters rate the economy and the cost of living as their most important issues, and polls show they have given the president poor marks for his handling of both. Trump's decision, alongside Israel, to attack Iran in late February resulted in a conflict that caused a global energy supply shock, pushing up the price of fuel.

Mia Gindis at Bloomberg contributed to this report.