Trump says he is not keen on a deal with Iran as U.S. reportedly prepares for 'massive bombing'

The US president and his national security team have discussed resuming large-scale military operations in the coming weeks, according to NBC News. This development has contributed to an increase in oil prices, with Brent rising above $101 a barrel and West Texas Intermediate trading near $89. The Business Times reported that the White House has asked the Pentagon to draw up strike options against Iran, which could potentially be executed before the midterm elections.

The size and targets of the potential strikes are still being debated. A limited operation could be followed up by more substantial action after the midterms. The US-Iran conflict has roiled exports, drained energy inventories, and fuelled a pickup in global inflation.

The discussions of military action come as US President Donald Trump expressed his reservations about a deal with Iran. Meanwhile, tropical storm Isaias has led to the shutdown of over 510,000 barrels a day of crude output in the Gulf of Mexico.

Brief written by urgent.news from CNBC World, CNBC, The Business Times - Companies & Markets — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.