Oil prices rose on Thursday amid concerns that the Middle East conflict could escalate, following reports that the United States is preparing to resume strikes against Iran.
Brent crude futures climbed 1.71 per cent to $110.67 a barrel, while US West Texas Intermediate crude gained 1.42 per cent to $98.53.
The New York Times reported, citing unnamed United States officials, that the US and Israeli militaries had developed detailed plans for renewed strikes on Iran after next month’s midterm elections.
The report added that preparations for what officials described as a “short but intensive” operation were progressing.
State Department spokesman Tommy Pigott said in a post on X that the directive applied only to Saudi Arabia, citing increased attacks by Iran-aligned Houthi rebels on civilian targets.
His clarification followed reports that the US had ordered some personnel across the wider Gulf region to leave.
However, the economic impact of elevated oil prices may be less severe than in previous decades, as consumers have become less susceptible to energy price shocks, according to David Wagner, head of equity and portfolio manager at Aptus Capital Advisors.
