Crude oil rose Wednesday after a report that the U.S. has told Gulf countries to prepare for renewed strikes on Iran after the midterm elections. Brent gained 1.3% and WTI 2.9%, as a Houthi attack claim and an Israeli election that appeared headed for a stalemate added to uncertainty.
Crude oil prices climbed Wednesday as the U.S. is reportedly preparing to renew strikes against Iran after the midterm elections.
Brent crude futures rose 1.3% to $115.36 a barrel. U.S. West Texas Intermediate futures gained 2.9% to $102.85 per barrel.
The U.S. has told several Gulf Arab countries to be ready for a short but intense military campaign after the midterms, according to people briefed on the conversations who spoke to The Wall Street Journal.
President Donald Trump, meanwhile, said at a Texas campaign rally on Tuesday that the war with Iran would end on his terms. He insisted that Tehran must be prevented from acquiring nuclear weapons. His remarks followed earlier comments that he was weighing a deal or further military action.
Iran-allied Houthi militants said Tuesday they had attacked Saudi Arabia's Ras Tanura refinery with a ballistic missile, raising worries about further disruptions to oil supplies.
Adding to the uncertainty, Israel's election appeared headed for a political stalemate. Preliminary exit polls showed the rival blocs falling short of the 61 seats required to control the 120-member parliament, raising the prospect of protracted coalition negotiations and clouding the outlook for Israel's approach toward Iran.
Source: CNBC
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