View of a tanker ship at the Banyas oil terminal in Tartus, Syria, September 13, 2026.
Hasan Belal | Anadolu | Getty Images
Oil prices rose on Thursday as the US was reportedly considering a major military operation in Iran in the coming weeks and markets were on edge over concerns about the Middle East.
International benchmark futures brent crude oil Prices for December delivery rose 3.10% to $103.31 per barrel. us West Texas Intermediate Futures In November, the price rose 2.82% to $90.77 per barrel.
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President Donald Trump and his national security team have discussed the possibility of resuming large-scale U.S. military operations in Iran in the coming weeks, NBC News reported, citing sources. This includes the option of going on strike before next month’s midterm elections.
Meanwhile, tensions in the Middle East are rising, with the Iranian-backed Houthis recently targeting an airport in Saudi Arabia and the Iranian government attacking a tanker in the Strait of Hormuz.
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“Oil will continue to be linked to Gulf export routes and infrastructure security,” said Inki Kyaw, a financial markets consultant at online trading platform Exness.
“An escalation of the situation impacting traffic through Hormuz and Saudi energy infrastructure could threaten physical supply and push prices higher further,” Cho added.
