Oil Tops $99 as Middle East Tensions Escalate

Crude oil rose above $99 a barrel on Thursday, its highest level in more than a month, amid escalating Middle East tensions and reports that the US is planning to resume strikes against Iran. US and Israeli militaries have reportedly drawn up plans for renewed attacks after next month’s midterm elections, with Iran’s energy infrastructure likely to be a key target. The US has also ordered non-emergency government employees and their families to leave Saudi Arabia following escalating attacks by Iran-allied Houthis. The order came after an attack on King Fahd International Airport in Dammam, on Saudi Arabia’s east coast, on Wednesday. Meanwhile, Saudi Aramco has reportedly instructed staff to evacuate its headquarters in Dhahran and work remotely. Aramco facilities have repeatedly come under Houthi attack. The developments increased fears of prolonged disruptions to oil flows from the region.

Crude oil rose above $98 a barrel on Thursday, the highest in five weeks, amid concerns that the Middle East conflict could escalate as the US reportedly prepares to resume strikes against Iran. US and Israeli military officials have developed plans for a renewed campaign following next month’s US midterm elections, with preparations for a short but intensive operation underway. President Donald Trump said Washington was not negotiating with Tehran and suggested that developments could occur soon, potentially after the elections. Meanwhile, the US ordered non-emergency government employees and their families to leave Saudi Arabia, citing escalating attacks by Iran-aligned Houthis on civilian targets. Despite rising tensions, crude exports through the Strait of Hormuz have moved closer to pre-conflict levels, with some tankers reportedly disabling tracking systems to avoid detection. However, refined oil product shipments remain constrained.

Crude oil rose to near $100 a barrel on Thursday, the highest in five weeks, as concerns grew over a potential escalation of the Middle East conflict and renewed US strikes against Iran. Reports indicate that US and Israeli militaries have developed plans for a short, intensive operation following next month’s midterm elections. Washington has also ordered non-emergency government employees and their families to leave Saudi Arabia, citing increasing attacks by Iran-aligned Houthi forces. Regional security concerns intensified after deadly strikes targeted Saudi facilities, including a drone attack on the Shaybah oilfield. Despite mounting tensions, crude exports through the Strait of Hormuz have increased toward pre-conflict levels, with some tankers reportedly switching off their tracking systems to avoid detection. Nevertheless, shipments of refined oil products remain constrained, sustaining concerns over global energy supplies.