Oil prices moved higher on Thursday as fresh tensions in the Middle East renewed concerns about supply disruptions. December Brent crude futures climbed 2.14% to $102.35 a barrel, while November U.S. West Texas Intermediate futures rose 1.78% to $89.85 per barrel.
CNBC cited an NBC News report saying that President Donald Trump and his national security team have discussed the possibility of restarting large-scale U.S. military operations in Iran in the coming weeks. According to that report, the options under discussion also include strikes before next month’s midterm elections.
Markets are also reacting to existing security threats across the region. Iran-backed Houthis have recently targeted airports in Saudi Arabia, including facilities in Jazan and Najran, while Tehran has also attacked tankers in the Hormuz Strait.
Inki Cho, a financial markets consultant at online trading platform Exness, said crude is likely to remain closely tied to the security of Gulf export routes and infrastructure. In his view, any escalation affecting traffic through Hormuz or Saudi energy infrastructure would threaten physical supply and could push prices even higher.
