<\/p>\n
Oil gained after a report that the White House asked the Pentagon to draw up strike options against Iran that could be executed before the midterm elections, and as a storm forced some US output to shut.<\/p>\n
Brent climbed above $102 a barrel, while West Texas Intermediate traded near $90. The report in The Atlantic cited two administration officials, and runs counter to a widespread assumption that President Donald Trump would hold off on escalating the conflict with Tehran before the polls next month.<\/p>\n
The size and targets of the potential strikes, and whether the administration will proceed, are still being debated, The Atlantic said. A limited operation could be followed up by more substantial action after the midterms, it added.<\/p>\n
Meanwhile, producers in the Gulf of Mexico shut in more than 510 000 barrels a day of crude output \u2014 about a quarter of supply in the region \u2014 in response to an approaching tropical storm, which then strengthened into a hurricane. Isaias was expected to near the northern Gulf Coast on Friday night.<\/p>\n
Crude has rallied sharply this year as the US-Iran conflict curtailed exports and damaged infrastructure, draining inventories and fuelling a pickup in global inflation. While the pace of energy shipments from the Middle East has increased in recent weeks, there\u2019s also been a surge in attacks on vessels.<\/p>\n
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Recent incidents included a strike against a tanker off Qatar, with casualties reported, according to UK Maritime Trade Operations. The vessel was hit north of Madinat ash Shamal, at the emirate\u2019s tip, in the first reported attack on a ship deep within the Persian Gulf in about a month.<\/p>\n
In the US, speaking at a campaign rally in San Antonio, Texas, President Trump reiterated he wasn\u2019t in a rush to sign a deal with Iran.<\/p>\n
US Central Command \u2014 which oversees Washington\u2019s military operations in the region \u2014 said 20 million barrels of crude oil were flowing through the Strait of Hormuz, according to a social-media post, without giving a timeframe. That equals the daily volume before the conflict, although it\u2019s above estimates given by some industry leaders at a conference this week.<\/p>\n
\u201cFlows from the Middle East have recovered, but constrained product supplies, extreme logistics costs and a high risk of Iranian escalation are keeping prices elevated,\u201d said Saul Kavonic, senior energy analyst at MST Marquee.<\/p>\n
Elsewhere, Iran-backed Houthis struck two airports in Saudi Arabia, killing three people as the group intensifies its attacks on the kingdom, while also fighting Riyadh-backed forces in Yemen. In retaliation, the Saudi-led coalition said it had destroyed 82 targets in Saada, Hodeida, Jawf and Marib.<\/p>\n
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Prices:<\/p>\n
Brent for December settlement gained 2% to $102.15 a barrel at 11:42 a.m. in Singapore.
\nWTI for November delivery rose 1.6% to $89.70 a barrel.<\/p>\n
The region-wide risks, strikes against vessels, and demand for crude from more-distant loading points, are driving a historic freight rally, adding huge costs to the supply chain. Hiring a very large crude carrier to move US oil to Asia now costs $77 million, up from an average of $9.2 million last year.<\/p>\n
Freight costs are \u201csky-high,\u201d Citigroup Inc. analysts including Eric Lee said in a note. \u201cThe market continues to price tightness, supply fragility and geopolitical risk rather than simply the headline export numbers.\u201d<\/p>\n
In the US, official data showed total crude and products exports hit the highest since May last week, returning to a seasonal record and highlighting strong overseas demand. Oil stockpiles dropped 3.2 million barrels.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Oil #gains #report #Trump #order #Iran #strikes #midterms<\/p>\n","protected":false},"excerpt":{"rendered":"
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