WASHINGTON (dpa-AFX) - Offsetting two sessions of losses, crude oil prices have surged on Wednesday as several reports suggest possible U.S. attacks on Iran by next week, which could attract intense Iranian retaliation. The war-threat fueled supply disruption concerns for an indefinite period.
WTI Crude Oil for December delivery was last seen trading up by $3.12 (or 3.12%) at $103.02 per barrel.
A report by Wall Street Journal today stated that the U.S. has asked the gulf nations to be prepared for a short but intense military campaign against Iran jointly with Israel after the U.S. midterm elections are over by the first week of November.
Reportedly, the strikes are intended to force Iran back to negotiating table.
While speaking to reporters at Joint Base Andrews in Maryland, U.S. President Donald Trump was asked about these reported plans. In response, he stated that anything is possible.
Trump claimed that though Iran wants a deal, its leaders are deliberately delaying the negotiations as they want to see the U.S. midterm election results. However, Trump warned that this 'waiting' will not improve Iran's position.
Leaving open the possibility of a renewed military action if diplomacy fails, Trump repeated once again that Iran's military and finances have been decimated but stated that he wanted to see how things unfold.
Last week, the New York Times carried a report stating that U.S. and Israeli forces are planning to conduct a joint military operation against Iran after the U.S. midterm elections in November.
On Monday, reflecting the same message, CNN reported that U.S. forces are preparing for a major large-scale attack against Iran that would cripple Iran's capability to fight again.
Qatar has been heading the task of bringing both nations to the negotiating table. A delegation from Qatar visited Iran on Sunday to discuss regional security.
Yesterday, Qatar's Media and Communications Director Ibrahim Sultan Al-Hashmi suggested that Iran should show some 'goodwill.'
In response, the head of Iran's Foreign Ministry's Public Relations Mahmoud Maleki stated that Qatar should demonstrate 'goodwill' by preventing aggressors from using its territory.
Meanwhile, today Reuters reported that Qatar presented a new draft proposal to Iran on Sunday. The report added that Iran has found the terms unacceptable, but an official response is anticipated by the end of the week.
Today, Iran's Foreign Minister Abbas Araghchi warned that military action by Israel in the gulf region could end up with devastating results for international energy markets.
The Strait of Hormuz crisis continues, and seafarers are refraining from navigating the critical seaway.
In an advisory, U.S. Naval Forces Central Command cautioned vessels to remain well clear of the area between ports in the Gulf of Oman and the Strait of Hormuz.
After launching a wave of attacks on Saudi Arabia in recent weeks, the Iran-backed Houthi militant group urged civilians at Aden International Airport to evacuate the facility immediately.
Yesterday, the militia struck Saudi Arabia's Ras Tanura oil refinery with a ballistic missile.
As Middle East tensions escalate, concerns of long-term supply disruption supported oil prices.
The U.S. Federal Reserve's two-day October meeting concluded today. In line with market expectations, the Fed left the federal funds rate unchanged at the 3.75% to 4.00% range.
According to the American Petroleum Institute, crude oil inventories decreased by 2,031,000 barrels for the week ending October 23, compared to market expectations of an increase of 800,000 barrels. Over the previous week, the inventories declined by 4,930,000 barrels.
According to the U.S. Energy Information Administration, for the week ending October 23, crude oil inventories decreased by 1,892,000 barrels. At Cushing's Oklahoma Delivery Hub, inventories decreased by 624,000 barrels.
For the same period, gasoline inventories increased by 3,870,000 barrels. While distillate inventories (which include diesel and heating oil) decreased by 1,462,000 barrels, heating oil inventories increased by 164,000 barrels.
The U.S. dollar index was last seen trading at 102.35, up by 0.04 (or 0.04%) today.
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