Oil prices jump on Middle East worries as U.S., Israel reportedly weigh fresh Iran strikes

Pumpjacks operating in Kern County, which has a long history of oil production, in California’s 22nd Congressional District on Oct. 16, 2026 near Bakersfield, California. Mario Tama | Getty ImagesOil prices climbed Thursday on worries over a possible escalation in the Middle East conflict as the U.S. reportedly plans to resume strikes against Iran.Brent crude futures rose 1.71% to $110.67 a barrel, while U.S. West Texas Intermediate crude gained 1.42% to $98.53. The U.S. and Israeli militaries have drawn up specific plans for renewed strikes on Iran after next month's midterm elections, The New York Times reported, citing unnamed U.S. officials. Planning for a "short but intensive" operation is progressing, The Times said.The U.S. has also ordered non-emergency government employees and their families to leave Saudi Arabia.State Department spokesman Tommy Pigott in a post on X said the order applies only to Saudi Arabia, citing increasing attacks by Iran-aligned Houthis on civilian targets, after reports said that the U.S. had directed some staff in the wider Gulf region to leave.The economic fallout from elevated oil prices, however, may be less severe than in previous decades, as ...