President Donald Trump stated that the United States will not launch an attack on Iran before the November midterm elections, causing oil prices to decline.

Brent crude fell below $104 per barrel after surging 4.1% on Thursday, while West Texas Intermediate (WTI) hovered near $91 per barrel.

Trump posted on social media that the U.S. is engaged in "productive consultations" with Iran, noting that crude oil shipments through the Strait of Hormuz have reached record highs.

Despite Iran intensifying attacks in the waterway, which heightens risks for vessels transporting crude worldwide, Trump decided to hold off on launching new strikes. He also stated that the U.S. naval blockade on Iranian ports will remain fully in effect.

Following Trump's remarks, media reports indicated that the U.S. has drawn up a three-day strike plan. The report said the Pentagon plans to target drone and missile depots, energy facilities, and other objectives.

Brent crude for December delivery dropped 0.4% to $103.94 per barrel. WTI crude for November delivery fell 0.2% to $91.27 per barrel.