Crude oil climbed above $98 a barrel on Thursday, its highest level in five weeks, amid mounting fears that the conflict in the Middle East could intensify as the United States reportedly prepares to resume strikes against Iran. According to reports, US and Israeli military officials have drawn up plans for a renewed campaign to begin after next month’s US midterm elections, with preparations underway for a short but highly intensive operation.
President Donald Trump stated that Washington is not engaged in negotiations with Tehran and hinted that new developments could unfold soon, potentially following the elections. In a further sign of rising tensions, the US ordered the departure of non-emergency government personnel and their families from Saudi Arabia, citing an escalation in attacks by Iran-aligned Houthi forces on civilian targets.
Despite the deteriorating security backdrop, crude exports through the Strait of Hormuz have recovered to near pre-conflict volumes, with some tankers reportedly switching off their tracking transponders to avoid detection. However, shipments of refined oil products remain restricted and have yet to show a similar rebound.
