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Source: Newsmaker.id
Oil prices moved higher on Wednesday as markets grew more cautious over the possibility that the United States could resume military strikes on Iran after next week’s midterm elections. At the same time, investors continued to monitor Israel’s closely contested election.
Brent crude traded around US$115 per barrel after declining for two consecutive sessions, while West Texas Intermediate (WTI) remained above US$101 per barrel. Recent reports said the United States had warned several Persian Gulf countries to prepare for the possibility of a short but intense military campaign against Iran.
US President Donald Trump has reportedly not made a final decision on renewed military action, although he is said to be leaning toward a larger post-election operation. The development has prompted traders to rebuild a higher geopolitical risk premium into oil prices.
In Israel, Prime Minister Benjamin Netanyahu was holding a narrow lead over opposition leader Gadi Eisenkot. However, with more than 70% of the vote counted, neither bloc had a clear path toward securing the 61 seats required to form a government.
Political uncertainty in Israel and the upcoming US midterm elections have kept oil markets highly sensitive to developments in the Persian Gulf. Diplomatic efforts have also failed to provide clarity, even after Qatari mediators reportedly presented Iran with a new draft agreement. Markets remain cautious because previous negotiations have yet to produce a lasting resolution to the conflict.
Supply risks also remain elevated as Saudi energy infrastructure continues to face repeated attacks by Iran-backed Houthi forces. A recent incident triggered a fire near the Ras Tanura oil export terminal, although the blaze was later contained. December Brent futures rose around 1.1% to US$115.09 per barrel, while WTI gained 1.9% to US$101.76 per barrel.(mrv)*
Source : Newsmaker.id