Oil prices rose amid reports that the US and Israel are planning new strikes on Iran after the midterm elections, stoking fears of a wider Middle East conflict.
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01Summary
- 01Brent crude rose 1.71% to $110.67 a barrel, while US West Texas Intermediate gained 1.42% to $98.53.
- 02The New York Times reported that US and Israeli militaries have drawn up plans for renewed strikes on Iran after next month's midterm elections.
- 03The US ordered non-emergency government employees and their families to leave Saudi Arabia, citing increased Houthi attacks.
- 04State Department spokesman Tommy Pigott said the order applies only to Saudi Arabia.
- 05Analyst David Wagner said $100 oil today is less damaging than historically because gasoline now accounts for only about 2.5% of average US disposable income.
02Why it matters
Rising oil prices could increase costs for consumers and businesses, but analysts say the impact may be muted because energy now takes a smaller share of household spending.
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