Gotrade News - Brent crude futures gained 4% to close at $113.17 per barrel on Thursday, the highest level for the international benchmark since May 4, after the U.S. ordered non-emergency government employees and their families to leave Saudi Arabia, according to CNBC. U.S. West Texas Intermediate gained 2.4% to settle at $99.47.
The U.S. and Israeli militaries have drawn up specific plans for renewed strikes on Iran after next month's midterm elections, The New York Times reported, citing unnamed U.S. officials, as reported by CNBC.
Planning for a "short but intensive" operation is progressing, The Times said, and CNBC noted the developments point to a possible widening of the nearly eight-month war.
Houthi Attacks Trigger U.S. Ordered Departure From Saudi Arabia
State Department spokesman Tommy Pigott said in a post on X that the order applies only to Saudi Arabia, citing escalating attacks by Iran-allied Houthis on civilian targets, and dismissed reports that staff in the wider Gulf region had been directed to leave, per CNBC.
Reuters separately reported that Washington also plans to withdraw family members from other missions in the region, CNBC said.
At least two people were killed and eight injured in an attack Wednesday on King Fahd International Airport in Dammam, according to Saudi state media cited by CNBC.
Two people died in a drone attack on Saudi Aramco's Shaybah oil field, the Saudi Press Agency reported, adding that operations were not affected. Aramco has also told staff to evacuate its headquarters in Dhahran and work remotely, people familiar with the matter told Reuters.
The renewed strikes would likely target Iran's energy infrastructure, nuclear facilities, and missile and drone arsenal, according to The Times, which noted that President Donald Trump has yet to approve them and has repeatedly vetoed plans for a return to major combat this year.
Asked by a reporter late Wednesday, Trump said something on Iran would "happen fairly soon." "Most people seem to think it's after the election," he said, per CNBC.
Iranian officials have vowed to widen their attacks to target data centers and undersea internet cables, while refusing concessions on their nuclear program, CNBC reported.
Brent at $113.17 Adds to December Fed Hike Bets
| Benchmark | Thursday close | Daily change |
|---|
| Brent crude futures | $113.17 per barrel | +4% |
| WTI crude | $99.47 per barrel | +2.4% |
Source: CNBC; settlement prices for Thursday, Oct. 22, 2026.
Higher energy costs are adding to expectations that the Federal Reserve will need to tighten further this year to curb inflation, as reported by Yahoo Finance.
The market has fully priced in a 25 basis point rate increase in December, while 89% of market participants expect officials to hold rates steady at their October meeting next week.
Trump has said he will not attack Iran before the midterms and has suggested fuel prices will fall afterward, Yahoo Finance added.
Despite persistent shipping disruptions in the Strait of Hormuz, Middle East oil flows through the strait have recovered to near pre-war levels, according to commodity research firm Kpler, cited by CNBC.
"China's crude import demand is expected to continue recovering, driven by rising refinery throughput and rapidly declining crude inventories," said Muyu Xu, senior crude oil analyst at Kpler, who estimated that China drew down its oil stockpiles by a record 1.6 million barrels a day in September.
Producers such as Exxon Mobil (XOM), Chevron (CVX) and Occidental Petroleum (OXY) sell crude priced off benchmarks like Brent and WTI.
On the demand side, David Wagner, head of equity and portfolio manager at Aptus Capital Advisors, told CNBC that "$100 oil today is very different than $100 oil, you know, 20, 30 years ago."
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
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