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Source: Newsmaker.id
Global oil prices strengthened during trading on Wednesday (October 28, 2026), driven by growing concerns over a potential new U.S. military strike against Iran following the November midterm elections.
Brent crude rose 1.3% to close at $115.32 per barrel, while West Texas Intermediate (WTI) surged 2.9% to $102.78 per barrel. This rally followed reports that Washington has asked several Arab nations in the Gulf region to prepare for a possible short but intense military operation against Iran. These reports have heightened investor anxiety regarding potential disruptions to energy supplies from the Middle East, particularly through the strategic Strait of Hormuz.
According to a report by The Wall Street Journal, citing sources familiar with the discussions, the United States has signaled the possibility of a new military operation following the midterm elections; however, it remains uncertain whether such an attack will actually take place. President Donald Trump has previously stated that any conflict with Iran must be resolved on terms set by Washington—including ensuring that Tehran does not possess nuclear weapons—while leaving open the possibility of either a diplomatic or military solution. Uncertainty has been further compounded by claims from the Iran-aligned Houthi group that they attacked Saudi Arabia’s Ras Tanura oil refinery using a ballistic missile. This claim has intensified concerns regarding the security of oil processing and distribution facilities in the Persian Gulf region.
Meanwhile, political developments in Israel have also drawn market attention, as preliminary election results indicate that no single political bloc has secured a majority to form a government. This situation raises the prospect of protracted coalition negotiations and adds uncertainty regarding the future direction of Israel’s security policy, including its approach toward Iran. Meanwhile, rising military tensions and threats to energy facilities have led market participants to continue factoring a geopolitical risk premium into oil prices. Investors are currently monitoring developments in U.S.-Iran diplomacy, the security of oil shipping routes, and potential production disruptions in the Middle East. As long as the risk of conflict remains high, oil prices are likely to stay supported—though this trend could shift should diplomatic developments emerge that help ease tensions.
Source: Newsmaker.id