Oil prices rise as US and Israel plan Iran strikes

Summarised from 3 outlets · Updated 22 Oct, 14:08 · Archive

Oil prices climbed after reports that the US and Israel are planning fresh strikes against Iran.

Oil prices climbed on Thursday after unnamed US officials told The New York Times that the US and Israeli militaries have drawn up specific plans for renewed strikes on Iran following next month's midterm elections. Brent crude futures rose 2.7% to $111.80 a barrel, while US West Texas Intermediate crude gained 2.21% to $99.30. The planned operation was described as 'short but intensive'.

The US State Department ordered non-emergency government employees and families to leave Saudi Arabia, citing escalating attacks by Iran-aligned Houthis on civilian targets. Euronews reports that several news outlets and diplomatic sources said families of embassy staff in the United Arab Emirates, Jordan, Qatar and Bahrain were also ordered to leave. State Department spokesman Tommy Pigott denied these reports, saying the order applied only to Saudi Arabia.

David Wagner, head of equity and portfolio manager at Aptus Capital Advisors, suggested that the economic impact of elevated oil prices may be less severe than in previous decades. He noted that gasoline accounted for roughly 5% of the average American's disposable income a decade ago, compared with about half that today, positioning households to better withstand elevated energy costs. Crude prices remain well below their inflation-adjusted historical highs.

How it is being reported

• Is Iran ready for another major US attack after midterm elections?Tehran has said its goal is to keep the regime functioning and threaten enough regional costs to make a prolonged campaign unattractive. US media reports indicate Washington is considering strikes after the midterms.DW News · 22 Oct, 15:16
• Gulf nations brace for possible return to all-out war between US and IranThe volatility around the Israeli and US midterm elections is fueling fears of renewed US-Israeli strikes on Iran in a short and intensive military campaign to push Tehran into concessions, with Iran vowing a devastating response against the Gulf nations.Euronews · 22 Oct, 13:58
• Oil prices jump on Middle East worries as U.S., Israel reportedly weigh fresh Iran strikesThe Middle East conflict could flare up again as the U.S. reportedly plans to resume strikes against Iran.CNBC · 22 Oct, 06:18

In this story: United States · Israel · Iran · Saudi Arabia · Houthis · United Arab Emirates · Jordan · Qatar

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem