WASHINGTON (dpa-AFX) - After skyrocketing early in the session, the price of crude oil gave back some ground in mid-day trading but has moved back to the upside since then.
Crude for November was last seen trading up by $3.65 or 4.1 percent at $91.93 a barrel after spiking by as much as $4.92 or 5.6 percent to a high of $93.20 a barrel.
Crude oil prices surged earlier in the day after a report from NBC News said President Donald Trump and his national security team have discussed possibly resuming large-scale U.S. military operations in Iran in the coming weeks.
Citing a U.S. official and another person with knowledge of the discussions, NBC News said the options include of launching strikes before the midterm elections next month
A separate report from Axios said the Pentagon has instructed U.S. Central Command to be ready to resume major combat operations in Iran.
The price of crude oil pulled back off its highs after President Donald Trump denied the U.S. would be attacking Iran at any time prior to the elections.
In a post on Truth Social, Trump also claimed the U.S. is having 'productive discussions' with Iran and that oil is flowing through the Strait or Hormuz at 'record numbers of barrels.'
However, ongoing attacks on tankers in the Middle East and concerns about hurricane-related production disruption in the Gulf of Mexico continue to support crude oil prices on the upside.
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