Global crude oil prices continued to climb, with West Texas Intermediate for November delivery up $4.27, or 4.84%, to $92.55 a barrel, and Brent crude for December delivery up $5.20, or 5.19%, to $105.40 a barrel. The rally followed remarks by US President Donald Trump that he no longer wants to make a deal with Iran, even though Iran is willing to submit a proposal to end the war. Trump made the statement during a campaign rally with Republican candidates in San Antonio, Texas, on Wednesday night US time, after reports that the US military is preparing for the possibility of striking Iran, which could occur before the US midterm elections. NBC News reported, citing US officials, that Trump and his national security advisers have discussed the possibility of the United States resuming major military operations against Iran in the coming weeks. Axios reported that a new US war could include large-scale bombing of Iran's energy targets, infrastructure and nuclear program. Oil prices were also supported by Iran's increased attacks on tankers passing through the Strait of Hormuz, while Hurricane Isaias is threatening US offshore oil production in the Gulf of Mexico.
Escalating Iran conflict risk and tanker attacks in the Strait of Hormuz push Brent above $105.
Trump signaling a new Iran conflict and possible US strikes on Iran's energy targets threaten supply, driving WTI above $92.
