Oil prices rise after reports White House weighing Iran strikes

Oil prices rose amid reports Thursday that the White House is weighing new strike options on Iran, less than a month before the November elections.

Brent crude, the global benchmark , increased to $104.60 per barrel with a 4.4 percent jump Thursday morning. The U.S. benchmark, West Texas Intermediate (WTI) , jumped 3.91 percent and settled at $92.19 per barrel.

The national average for a gallon gas in the U.S. sat at $4.36, lower than last week’s $4.41, according to AAA .

U.S. officials told Axios Wednesday that the Pentagon instructed U.S. Central Command (Centcom) to wrap up its preparations to resume combat operations in Iran. No final decisions have been made, but the strikes are expected to target Iranian energy, infrastructure and nuclear facilities.

The Atlantic first reported the Trump administration could resume operations in Iran ahead of the midterms, which could be seen as something of a victory for Republicans hoping to keep their majorities in Congress.

“It would make the president look like he got a win and that gas prices would start going down,” a Republican familiar with the deliberations told The Atlantic.

An Israeli official told Axios that while discussions about the U.S. resuming strikes on Iran “increased,” any attacks prior to the midterms have not been ruled out.

“After the midterms the chances of it happening increase significantly,” the official said.

The White House told The Hill that “all options” are available for President Trump to resume strikes, adding that the U.S. “is in a very strong position with control of the Strait of Hormuz and the Iranian economy collapsing.”

The U.S. military has maintained a naval blockade at Iranian ports in the strait, which Iran effectively closed after the conflict began Feb. 28. The closure and tit-for-tat attacks have caused oil prices to surge , given the passage transports roughly 20 percent of the world’s oil and gas.

Trump has often talked about resuming strikes after the election, repeating his threat that Iran could be annihilated in his address to the United Nations General Assembly last month. He has since suggested that it could happen before the election.

The president has also said that while the conflict “should help” Republican odds of keeping control of Congress, “ it’s possible ” that it could jeopardize those chances.

Israeli sources noted to Axios that the strikes could also happen before Israel’s elections later this month.

Israeli Prime Minister Benjamin Netanyahu is up for reelection and has faced growing opposition as Israelis accuse him of failing to prevent the Oct. 7, 2023, Hamas attack that killed more than 1,000 Israelis. Political opponents have called Netanyahu’s coalition the “massacre government,” The Associated Press reported .