US President Donald Trump expects the six-month-old conflict with Iran to end after the November US midterm elections, despite renewing threats to strike an Iranian nuclear site following a major escalation in naval warfare.

Recent tit-for-tat attacks — including the US sinking five Iranian oil tankers and Iran striking ten ships — have severely disrupted traffic through the Strait of Hormuz and the Red Sea, driving Brent crude prices above $100 a barrel.