🚨 Brent crude is now up about 93% this year, with oil traders bracing for a possible post-midterm strike on Iran.
Brent settled Friday at $117.64, its highest level since late April, gaining 13.6% in October alone. From roughly $60.85 on January 1, that's a rise of around 93% in 10 months.
The latest jolt came from reports that Washington has told Gulf allies to prepare. The Wall Street Journal said the US asked several Gulf states to brace for a possible short, intense military campaign against Iran after the November 3 midterms. MS NOW, citing three senior Gulf Arab officials, reported the strikes could begin as soon as November 4. AP's sources said the campaign could last several days, and officials urged allies to protect energy plants and critical infrastructure.
Nothing is final. Trump has said he won't attack before the election, hasn't made a final decision on resuming strikes, and a White House official says the election results won't factor in. The US hasn't struck Iran since early September, and talks continue, with Qatar mediating and Iranian negotiators headed to Doha.
Iran has warned it would answer any new attack with strikes on economic and civilian targets across the region. Gulf states are pushing for de-escalation, worried about retaliation. An extra US carrier strike group and Marine expeditionary unit are due to arrive at the end of November.
For oil, the market has days to price a risk that has already doubled the price of crude this year.
#Oil #Brent #Iran #Geopolitics #Midterms $CL $BZ
Brent settled Friday at $117.64, its highest level since late April, gaining 13.6% in October alone. From roughly $60.85 on January 1, that's a rise of around 93% in 10 months.
The latest jolt came from reports that Washington has told Gulf allies to prepare. The Wall Street Journal said the US asked several Gulf states to brace for a possible short, intense military campaign against Iran after the November 3 midterms. MS NOW, citing three senior Gulf Arab officials, reported the strikes could begin as soon as November 4. AP's sources said the campaign could last several days, and officials urged allies to protect energy plants and critical infrastructure.
Nothing is final. Trump has said he won't attack before the election, hasn't made a final decision on resuming strikes, and a White House official says the election results won't factor in. The US hasn't struck Iran since early September, and talks continue, with Qatar mediating and Iranian negotiators headed to Doha.
Iran has warned it would answer any new attack with strikes on economic and civilian targets across the region. Gulf states are pushing for de-escalation, worried about retaliation. An extra US carrier strike group and Marine expeditionary unit are due to arrive at the end of November.
For oil, the market has days to price a risk that has already doubled the price of crude this year.
#Oil #Brent #Iran #Geopolitics #Midterms $CL $BZ
