Trump says he is not keen on a deal with Iran as U.S. reportedly prepares for 'massive bombing'

U.S. President Donald Trump said Wednesday that he no longer wants a deal with Iran, following reports that the U.S. military is preparing for possible strikes against the country, likely before the midterm election.

"I think the deal isn't really something that I want to do, but they're willing to offer us anything to stop," Trump said at a campaign rally with Republican candidates in San Antonio, Texas, late Wednesday stateside. Steve Witkoff, the U.S. special envoy to the Middle East, has been working on the deal and "doing very well," Trump added.

The U.S. president and his national security team has discussed possibly resuming large-scale U.S. military operations in the coming weeks, NBC News reported Wednesday, citing a U.S. official and another person with knowledge of the discussions.

Axios reported earlier in the day that a possible resumption in armed conflict could include "massive bombing" of Iranian energy, infrastructure, and nuclear targets, adding that military aggression could influence the outcome of the upcoming midterm elections.

Trump has seen his approval ratings fall to a record low amid concerns over high living costs spurred by soaring gasoline and diesel prices.

Earlier this week, Trump said the biggest problem for Washington was that nobody knew who was running Iran during the talks to end the conflict. Iranian officials rejected those claims, saying "the problem is actually the opposite." Iran's foreign ministry spokesperson Esmaeli Baghaei pointed to the "contradictory positions and mixed messaging from U.S. officials."

Crude oil prices have remained elevated even as Middle East exports have been recovering to near pre-war levels, according to Kpler. Combined crude volumes exiting the Gulf, excluding Iran, plus volumes from Saudi Arabia and the United Arab Emirates, were around pre-conflict levels of 18.5 million barrels per day (Mbd).

"Normalisation no longer needs to wait for a deal," said Matt Wright, lead freight analyst at Kpler, forecasting "slower, uneven normalisation" under continued conflict, with traffic recovering through operational adaptation rather than waiting for a diplomatic trigger.