Oil wavers on conflicting reports of US military moves in Iran
Trump has singalled that he may resume the military campaign against Teheran after US midterms
The price of oil swung in a volatile session as traders digested conflicting information on US military intentions toward Iran following the recent midterms. Brent crude, the benchmark, dipped to around $115 a barrel for its upcoming delivery date on Friday, Oct 30, before bouncing back after a top US commander briefed President Donald Trump on potential military options for Iran.
Sources indicate Trump has floated the idea of resuming military action against Teheran, possibly in coordination with Israel. Middle East nations have been asked to brace for renewed military activity after votes have been cast, according to reports from the Associated Press. This news reignited concerns about possible US strikes on Iran, which had subsided due to diplomatic efforts.
Despite the uncertainty, Iran's leadership maintained that it would not alter its agreement terms. The situation unfolded just days before key US and Israeli elections, which could influence the future of a war that has dramatically impacted global energy markets, driving crude prices up more than 85 percent in 2026. Analysts noted that ongoing talk of potential deals is weighing on the oil market, but they do not expect Iran to agree to a deal just before the tense elections.
Brent futures have surged more than 10 percent in October and reached their highest level since April. The price increase has put pressure on consumers and challenged central banks striving to control inflation. Meanwhile, the European oil market showed signs of easing as Europe announced it would release 42 million barrels of oil reserves, including half of the diesel, over the next three months to help lower prices.
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