Oil prices surge as Trump reportedly mulls pre-midterms strikes on Iran

Oil prices jumped over 4% on Thursday, with Brent crude surpassing $104 per barrel, following reports that President Trump is considering resuming military strikes against Iran before the U.S. midterm elections. The Atlantic reported that administration officials are discussing potential targets to demonstrate strength and potentially lower gas prices, despite skepticism that strikes would reopen the Strait of Hormuz. This development occurs amid an escalating regional conflict featuring Houthi missile attacks on Saudi airports, reports of 'scarily thin' global oil reserves, and newly released footage of Iranian attacks on a U.S. base in Kuwait from earlier in the year.

Oil prices jumped over 4% on Thursday, with Brent crude surpassing $104 per barrel, following reports that President Trump is considering resuming military strikes against Iran before the U.S. midterm elections. The Atlantic reported that administration officials are discussing potential targets to demonstrate strength and potentially lower gas prices, despite skepticism that strikes would reopen the Strait of Hormuz. This development occurs amid an escalating regional conflict featuring Houthi missile attacks on Saudi airports, reports of 'scarily thin' global oil reserves, and newly released footage of Iranian attacks on a U.S. base in Kuwait from earlier in the year.