Oil prices climbed Wednesday as traders weighed Gulf security threats and uncertainty around Iran negotiations, with Brent above $114 in an intraday snapshot and reports of possible post-election military action.
In a snapshot at 6 a.m. ET (2 p.m. UAE time), Brent crude was up 0.87% at $114.87 a barrel, while U.S. West Texas Intermediate (WTI) gained 1.59% to $101.49, The National reported. The figures reflect prices at that moment, not closing levels.
The National reported that UBS strategist Giovanni Staunovo expected Brent to remain near $110 a barrel through year-end. He cited declining inventories, high freight costs, limited tanker capacity and recovering Chinese imports. Middle Eastern oil flows had improved but were not fully back to normal, the outlet reported.
The Saudi-led coalition said its forces brought down a missile traveling toward Taif Wednesday morning. Houthi military spokesperson Yahya Saree separately claimed the group used a drone against Abha International Airport and disrupted air traffic. Saudi Arabia had not immediately confirmed the airport claim, The National reported. EconoTimes previously covered an oil rise linked to a Houthi claim involving Saudi oil infrastructure.
The Wall Street Journal reported, citing people briefed on the discussions, that the U.S. had told several Gulf Arab states to be prepared for a possible short military campaign against Iran after the Tuesday, Nov. 3, midterm elections. The newspaper said President Donald Trump had yet to decide whether to move forward.
Reuters reported that an official briefed on negotiations said Iran was expected to reply by the end of the week to a draft proposal Qatar had delivered. A senior Iranian official involved in the talks told Reuters the ideas were “unacceptable” and did not amount to an offer. Reuters said the proposal’s terms were not immediately clear. The outlet also reported that an interim agreement reached in June broke down soon afterward.
