NYT: Iran seeks to influence US elections through oil market

Iran is seeking to exert economic pressure on the United States by driving up oil and fuel prices ahead of the November midterm elections.

According to Report, citing The New York Times, higher fuel prices increase pressure on the US administration, as the state of the economy remains one of the top concerns for American voters.

The newspaper reports that the average price of diesel fuel in the United States has exceeded $5 per gallon, up 33% from the level recorded before the outbreak of the war in the Middle East. In some states, including California, prices have reached $5.50 per gallon.

According to data from the US Bureau of Labor Statistics, inflation stood at 3.5% in June, despite slower consumer price growth amid declining oil prices.

The New York Times notes that, in addition to the conflict in the Middle East, higher fuel prices are being driven by high refinery utilization rates, low fuel inventories, and the seasonal increase in gasoline demand.

Earlier, global oil prices declined following the suspension of US strikes on Iran.