Oil rallied on fresh fears of a broader Middle East flare up as reports pointed to potential renewed U.S. action against Iran. By 11:07 a.m. ET, Brent was up 2.8% to $111.81 a barrel after nearly hitting $113, while U.S. WTI climbed 1.7% to $98.83 after briefly moving above $100.
According to The New York Times, several U.S. officials who were not named said that the American and Israeli militaries have prepared specific plans to resume strikes on Iran after the midterm elections next month. They described the prospective campaign as "short but intensive" and said planning is moving forward. Asked late Wednesday about Iran, President Donald Trump said the U.S. is not negotiating and that "something one way or the other" will "happen fairly soon," adding, "Most people seem to think it's after the election" and "We're going to see what happens."
Washington directed non emergency U.S. government personnel and their families to depart Saudi Arabia. State Department spokesman Tommy Pigott said on X that the directive is limited to Saudi Arabia and rejected claims that it extended to other Gulf states. Pigott cited escalating attacks on civilian targets in the kingdom by Iran aligned Houthis; Saudi state media reported at least two dead and eight injured in a Wednesday strike on King Fahd International Airport in Dammam on the East Coast. Separately, Reuters reported that Saudi Aramco told employees to evacuate its Dhahran headquarters and work remotely, after repeated Houthi attacks on its facilities.
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Although higher oil prices typically squeeze growth and margins, Aptus Capital Advisors' David Wagner, who serves as head of equity and portfolio manager, said the damage could be less severe than during earlier oil shocks. from the rainstorm of oil."
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