Oil prices rose on Thursday to their highest level since May amid growing worries over an escalation of the war in the Middle East after the Nov. 3 midterm elections.
Brent crude (BZ=F) topped $113 per barrel, while West Texas Intermediate crude (CL=F) hovered near $100 a barrel.
The US and Israel have reportedly drawn up plans for renewed attacks on Iran after the elections next month, according to the New York Times, citing unnamed US officials.
The United States has ordered nonessential embassy personnel to depart Saudi Arabia after a series of attacks at the country’s airports and oil fields.
103.27 +3.80 (+3.82%)
As of October 23 at 4:59:58 PM EDT. Market Open.
CL=F BZ=F
President Trump has said he will not attack Iran before the midterms and has suggested that fuel prices will fall afterward.
The administration has been looking for ways to ease high energy costs ahead of November.
Higher energy costs are adding to expectations that the Federal Reserve will need to tighten further this year to curb inflation. The market fully priced in a 25 basis point Federal Reserve rate increase in December, while 89% of market participants believe officials will hold rates steady at their October meeting next week.
Ines Ferre is a senior business reporter for Yahoo Finance.
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Source: finance.yahoo.com
