Brief
Oil prices jump as US hints at Iran strike, then ease after Trump rules out attack
Brent hit $105.88 a barrel and WTI $93.20 before retreating, while global markets slipped on the uncertainty.
By Felo News Desk · Published
Brent crude futures rose to $105.88 a barrel and the West Texas Intermediate (WTI) contract peaked at $93.20 before closing lower on Thursday, after reports that the United States was preparing fresh attacks on Iran ahead of the November midterm elections, Gulf News reported.
What happened
Oil markets surged on Thursday following an Atlantic magazine story that the White House had asked the Pentagon to develop options for striking Iranian sites before the November 3 vote. Brent climbed to $105.88 a barrel, while WTI reached $93.20 before ending the day at $91.49, up 3.64% on the session. The rally was tempered after President Donald Trump posted on Truth Social that the United States would not attack Iran before the midterms, describing the situation as "productive discussions" with Tehran.
What the reports add
Gulf News noted that analysts linked the price spike not only to US‑Iran tensions but also to increased Iranian attacks on traffic through the Strait of Hormuz, as quoted from Andy Lipow of Lipow Oil Associates. The outlet also mentioned a separate concern about Hurricane Isaias potentially shutting down Gulf of Mexico production. In addition, Forex.com analyst Fawad Razaqzada was cited saying the oil rally was adding pressure to bond yields, which have risen to levels not seen in over two decades.
What was said
President Trump wrote on Truth Social, "we will not be attacking Iran at any time prior to the Midterm Elections," and said Washington was holding "productive discussions" with Tehran. Andy Lipow said the market was also reacting to "increased Iranian attacks on traffic through the Strait of Hormuz." Forex.com analyst Fawad Razaqzada warned that the "renewed rise in oil prices is intensifying inflation concerns and adding to upward pressure on bond yields."
How it came about
The price surge followed a week of heightened geopolitical risk after Iran blocked the Strait of Hormuz, prompting Gulf producers to reroute shipments. Earlier Gulf News coverage highlighted how alternative pipelines kept oil flowing despite the blockade, and how US stocks had dipped on similar oil price swings amid Iran war fears.
Key facts
- Brent crude peaked at $105.88 a barrel before retreating to $103.65. (gulfnews.com)
- WTI for November delivery reached $93.20 before closing at $91.49, up 3.64% on the day. (gulfnews.com)
- President Donald Trump said the US would not attack Iran before the November midterms. (gulfnews.com)
- Andy Lipow linked the price rise to increased Iranian attacks on the Strait of Hormuz. (gulfnews.com)
- Forex.com analyst Fawad Razaqzada said higher oil prices were adding pressure to bond yields. (gulfnews.com)
Sources
- [1] gulfnews.com — originally reported as “Oil surges, stocks sink on jitters over US plans in Iran war”
