Oil rises after reports White House weighing Iran strikes

Oil prices rose amid reports on 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 on 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 gas in the U.S. sat at $4.36, lower than last week’s $4.41, according to AAA.

U.S. officials told Axios on 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.

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