Peter Schiff, economist and Echelon Wealth Partners co-founder, warned that oil prices could rise significantly in coming years as the Trump administration draws down the Strategic Petroleum Reserve (emergency crude-oil stockpile). In a September 9, 2026, post on X, Schiff said oil was already above $95 per barrel despite what he described as efforts to suppress prices before the midterm elections. He questioned how markets would look by the 2028 Presidential Elections if the reserve had been empty for more than a year. October WTI futures were at $95.66, while November Brent reached $100.56. The United States Oil Fund fell 1.16% to $148.23 in overnight trading on Wednesday. AAA data put average U.S. gasoline at $4.2245 per gallon, diesel at $5.9424 and premium gasoline at $5.1200. The warning came as tensions involving Iran escalated, with the Islamic Revolutionary Guard Corps (Iran's elite military force) claiming strikes on two U.S. vessels and multiple tankers after CENTCOM (U.S. military command) said it had struck Iranian government oil tankers. CENTCOM denied that any of its vessels had been hit. The administration had reportedly adopted a tanker-for-tanker policy intended to deter Iranian attacks in the Strait of Hormuz.