Sept. 10 (UPI) — Global oil prices surged Thursday after U.S. President Donald Trump said the night before that he isn’t looking to reach a deal with Iran as fighting between the countries escalated this week.

Brent crude, the global benchmark, rose nearly 6% to more than $107 per barrel, while West Texas Intermediate, the U.S. benchmark, also popped about 6% to close to $102 per barrel.

Trump told reporters Wednesday afternoon he did not anticipate oil prices to retreat until “right after” the mid-term elections in November after saying the conflict would be over quickly for months.

“Right after the election, oil prices are going to be tumbling downward,” Trump told reporters Wednesday afternoon. “They’re going to be tumbling down, and we’ll get them down.”

Meanwhile, White House advisors have told Trump that the war could last beyond the rest of his term, which ends in January 2029, the Wall Street Journal reported late Wednesday.

Gasoline prices hit a record high for Labor Day on Monday, according to AAA. The motor club said Thursday that diesel prices reached $5.98 per gallon, a record.

Fighting began this month between the U.S. and Iran after relative calm in August. Tehran a number of times has attempted to attack U.S. warships after the U.S. military destroyed at least eight of Iranian tankers in retaliation over the weekend.

Daan Struyven, Goldman Sachs’ head of global commodities, told CNBC that an escalating U.S.-Iran war could push oil prices to more than $120 per barrel.

S&P Global Energy said Thursday it doesn’t expect oil output in the Middle East to return to pre-war levels by the end of 2027. The firm also doesn’t believe a definitive end to fighting or shipping through the Strait of Hormuz to return to normal levels by the end of next year.