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

Oil prices surged and global stock markets declined on Thursday following reports that the Trump administration is considering resuming large-scale military strikes against Iran before the upcoming U.S. midterm elections. Brent crude oil rose over 5% to approximately $105 per barrel, while U.S. crude reached nearly $93 per barrel. The volatility follows a report by The Atlantic suggesting the White House has asked the Pentagon for strike options to demonstrate strength and potentially influence domestic energy prices. Simultaneously, regional tensions remain high as Houthi rebels claimed multiple missile attacks on Saudi Arabia's capital, while Iranian officials indicated they are reviewing a U.S. response to a 'seven-day' peace proposal.

Oil prices surged and global stock markets declined on Thursday following reports that the Trump administration is considering resuming large-scale military strikes against Iran before the upcoming U.S. midterm elections. Brent crude oil rose over 5% to approximately $105 per barrel, while U.S. crude reached nearly $93 per barrel. The volatility follows a report by The Atlantic suggesting the White House has asked the Pentagon for strike options to demonstrate strength and potentially influence domestic energy prices. Simultaneously, regional tensions remain high as Houthi rebels claimed multiple missile attacks on Saudi Arabia's capital, while Iranian officials indicated they are reviewing a U.S. response to a 'seven-day' peace proposal.