ERBIL, Kurdistan Region of Iraq - US President Donald Trump on Wednesday said that the ongoing conflict with Iran will end "immediately" after the upcoming midterm elections, coming as Iran reported overnight explosions in the country's Sirik province.

Trump, whose Republican party is facing a tough campaign to maintain a majority in the US House of Representatives and Senate in the November 3 midterm elections, told reporters, "I think the war is going to end immediately after the election because they can’t hold out any longer. They’re desperate to try and affect the election."

When asked about the possibility of a negotiated settlement with Iran, the president said that it "could possibly happen, but it’s not something we’re looking at," expressing his view that Tehran hopes that the Democrats will secure a victory as the party will "leave them alone and let them have their nuclear weapon."

The upcoming vote poses the first major electoral test for Trump's party in his second administration, coming as fatigue with the conflict and the downstream economic effects of a war with no end in sight influence voters.

Speaking at a pre-election convention in Texas afterward, Trump assured attendees that the price of oil - which surpassed $100 a barrel for the first time since July on Wednesday - will go "tumbling downward" following the vote.

Republicans currently hold a slim majority of seats in the 219-215 in the House and a 53-47 seat majority in the Senate, and Trump offered all US citizens a $5,000 dividend should the party secure a majority in both of the legislative branches.

Overnight, Iranian state media reported that several areas of Sirik in Hormozgan province were hit by "hostile projectiles," while the semi-official Fars News Agency reported explosions on Qeshm Island and in southern Iran's Minan province.

The US military has yet to confirm whether or not it struck Iran on this precise occasion.

Both Tehran and Washington have intermittently traded attacks in recent weeks as efforts to end hostilities remain unrealized.

On Tuesday, Iran struck the US military presence in Jordan in response to US forces sinking Iranian oil tankers, with CBS News reporting Wednesday that one A-10 attack aircraft suffered a severely damaged wing and another eight F-15E fighter jets were lightly damaged in the ballistic missile attacks.

Amman had previously declared that 18 of 20 were intercepted, with the remaining two impacting remote areas, while Iran's Islamic Revolutionary Guard Corps (IRGC) claimed successful strikes.