Oil rises about 3% after report that US told Gulf states to prepare for Iran strikes after midterms
US crude rose back above $102 a barrel on Wednesday after The Wall Street Journal reported that the US had told several Gulf countries to be ready for a short, intense military campaign against Iran after the 3 November midterm elections. Gold eased.
Oil prices rose on Wednesday 28 October after The Wall Street Journal reported that the United States had told several Gulf Arab countries to be ready for a short but intense military campaign against Iran after next Tuesday’s midterm elections, citing people briefed on the conversations.
As of 17:43 GMT, US West Texas Intermediate crude futures were up 3.0% at $102.87 a barrel and Brent crude was up 2.2% at $111.77, according to Yahoo Finance data.
CNBC reported that President Donald Trump said at a campaign rally in Texas on Tuesday that the war with Iran would end on his terms and that Iran must be prevented from acquiring a nuclear weapon. It also reported that Iran-allied Houthi forces said on Tuesday they had attacked Saudi Arabia’s Ras Tanura refinery with a ballistic missile.
Gold futures were down 0.6% at $4,051.50 an ounce as of 17:43 GMT, according to Yahoo Finance.
For the previous two days of falls, see our earlier report.
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