On Thursday, oil prices rose as concerns about Middle East stability intensified. Brent crude futures for December delivery climbed 1.36% to $101.54 per barrel, while U.S. West Texas Intermediate futures for November increased by 1.04% to $89.32 per barrel.
Reports from NBC News indicated that President Donald Trump and his national security team are contemplating large-scale military operations in Iran, potentially including strikes before the upcoming midterm elections. This situation is compounded by recent attacks from Iran-backed Houthis on Saudi airports and Iranian assaults on tankers in the Hormuz Strait.
Inki Cho, a financial markets consultant at Exness, noted that the security of Gulf export routes and infrastructure will likely dictate crude prices moving forward. Any escalation that disrupts traffic through the Hormuz Strait or affects Saudi energy infrastructure could further threaten supply and drive prices higher