Trump says stock market will go up despite Iran war volatility

President Donald Trump said Wednesday that the stock market will move higher despite the ongoing war in Iran, even as the conflict has made oil prices more volatile, adding that the market is “hitting new records every day.” Market Hits New Records Every Day During a press briefing at the White House, he was asked about renewed U.S. strikes on Iranian targets and Brent crude climbing back to $95 a barrel.

He said he told his office more than a year ago that confronting Iran over its nuclear program would come at an economic cost, predicting oil prices would rise and the stock market would fall as a result.

Instead, he said, the market has kept hitting new records, adding that it would likely be even higher had it not been affected at all. “Believe it or not, the stock market will go up,” he added.

Read Also: Jeff Bezos’ Father Fled Cuba Alone at 16 — His Mother Made Him a Heavy Coat From Cleaning Rags: 'My Dad's Story Really Shows That People Help Each Other' The US Has ‘Very Strong Control’ of the Strait Of Hormuz Trump said the U.S. is moving “millions of barrels of oil” through the Strait of Hormuz daily “for the most part… without trouble,” occasionally shooting down drones.

He added that the latest strikes targeted Iranian efforts to rebuild radar systems and a missile system designed to drop naval mines, calling it “an amazing science” that the U.S. can now intercept nearly all incoming projectiles.

Brent crude oil fell 0.35% to 95.294 at the time of writing, while Crude oil fell 0.08% to 90.940.

Not Worried About the Upcoming Election Trump said his position on Iran isn’t shaped by political considerations ahead of the upcoming midterm elections. “I’m not affected by the election,” Trump said. “Number one, I’m not running, but my party’s running, and I’m going to help my party, but I think my party respects the fact that we’re not allowing Iran to have a nuclear weapon.” Prediction markets put a 51% chance on Democrats sweeping both the House and Senate in November, up from just 26% a year ago, according to Polymarket.

Stock Markets performance Major U.S. indexes closed higher Wednesday, with the Dow Jones Industrial Average up 0.56% to 53,061.95, the S&P 500 gaining 0.46% to 7,666.60, and the Nasdaq rising 0.23% to 26,217.82.

So far this year, the S&P 500 and Nasdaq have gained 11.78% and 12.83%, respectively.

Read Also: Snowflake Stock Shoots Up 23% After Hours — Jim Cramer Calls It a 'Thing of Beauty' Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors.

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