Crude oil prices climbed above $93 per barrel on Thursday following reports that the United States is dispatching a third aircraft carrier strike group to the Middle East. Additional Marine Corps vessels and up to 10,000 more troops are also said to be en route, with the reinforcements expected to arrive by the end of November. The buildup is being interpreted as a potential precursor to expanded US military action against Iran. President Donald Trump has reportedly told aides he anticipates resuming airstrikes on Iran after the November midterm elections.
Oil prices are rising even though crude shipments from the Middle East have largely returned to prewar volumes. That recovery, however, remains tenuous. At least three tankers were attacked this week while passing through the Strait of Hormuz, and Iran and its Houthi allies have targeted refineries across the region.
Elsewhere, Ukrainian attacks on Russian refineries have led Moscow to impose a ban on diesel exports. At the same time, Chinese refiners have canceled some gasoline and jet fuel export cargoes that had been scheduled for October.
