On October 16, 2026, a pumpjack operates in Kern County, California’s 22nd Congressional District, near Bakersfield, California, which has a long history of oil production.
Tama Mario | Getty Images
Oil prices rose on Thursday on concerns about a possible escalation of conflict in the Middle East as the United States reportedly plans to renew attacks on Iran.
brent crude oil As of 3:01 a.m. ET, futures were up 2.45% at $111.49 a barrel. west texas intermediate Crude oil rose 2.39% to $99.47.
The US and Israeli militaries have drawn up concrete plans to strike Iran again after next month’s midterm elections, The New York Times reported, citing unnamed US officials. The Times said plans were underway for a “short but intensive” operation.
The United States also ordered government employees and their families to leave Saudi Arabia, except in emergencies.
In response to reports that the United States had ordered some Gulf staff to leave, State Department spokesperson Tommy Piggott said in a post on X that the order only applied to Saudi Arabia, citing increased attacks on civilian targets by the Iran-aligned Houthis.
But David Wagner, head of equities and portfolio manager at Aptus Capital Advisors, said the economic impact of high oil prices may not be as severe as in past decades because consumers are less vulnerable to energy shocks.
“$100 oil today is very different than $100 oil 20 to 30 years ago,” Wagner said, noting that oil prices are still well below their inflation-adjusted record highs.
He pointed to U.S. government data that shows gasoline now accounts for about half of average Americans’ disposable income, compared to about 5% a decade ago, suggesting households may be better positioned to withstand higher energy costs.
“I think we can hold that umbrella over our heads…and escape the oil storm,” he said.
—CNBC’s Anniek Bao contributed to this report.
