U.S. President Donald Trump stated on October 7, 2026, that he is not interested in pursuing a new deal with Iran, despite reports that the U.S. military is preparing for potential large-scale strikes on Iranian targets before the midterm elections. Speaking at a campaign rally in San Antonio, Texas, Trump noted that while U.S. special envoy Steve Witkoff has been making progress on negotiations, the president himself is reluctant to engage further. The possibility of renewed military action is reportedly being discussed by Trump’s national security team, with plans possibly involving extensive bombing of Iranian energy and infrastructure assets.

According to recent reports from NBC News and Axios, the U.S. is considering a major escalation in its military approach toward Iran, targeting nuclear and energy facilities in a campaign that could significantly impact the volatile Middle East region. This heightened military threat coincides with the U.S. midterm elections, fueling concerns about political motivations behind the timing of such actions. Trump's administration is also grappling with record low approval ratings amid public anxiety surrounding rising fuel costs, with gasoline and diesel prices at elevated levels due to continued Middle East tensions.

Earlier in the week, Trump criticized the lack of clear leadership in Iran as a barrier to peace talks, a claim that Iranian officials quickly rejected, accusing the U.S. of sending mixed signals. Meanwhile, crude oil exports from the Middle East, excluding Iran, have nearly returned to pre-conflict rates of about 18.5 million barrels per day, according to energy analytics firm Kpler. Analysts suggest that oil traffic is recovering through operational adjustments rather than through any diplomatic breakthroughs, signaling ongoing regional instability.

With the situation escalating, experts warn of a slower and uncertain return to normal oil market conditions amid the continued conflict. The looming potential for U.S. military aggression against Iran adds to a complex geopolitical climate, impacting global energy supplies and political dynamics in the U.S. as the November midterm elections approach. Trump's comments and the military preparations reflect a tense standoff that could have wide-reaching consequences for both global markets and international security.