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Energy — World Affairs

Oil Prices Climb As US And Israel Reportedly Prepare Fresh Iran Strikes

Despite rising prices, some analysts believe American households are better positioned to absorb higher energy costs than in previous decades.

,   and  TIPP Staff
2 min read
Photo by Zbynek Burival / Unsplash

Oil prices climbed Thursday as concerns over renewed military action against Iran intensified, with Brent crude rising 2.68% to $111.74 a barrel and US West Texas Intermediate gaining 2.21% to $99.30.

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The New York Times reported, citing unnamed US officials, that American and Israeli militaries had developed plans for renewed strikes against Iran following next month’s midterm elections. Preparations reportedly include a short but intensive operation.

Washington has also ordered non-emergency government employees and their families to leave Saudi Arabia. State Department spokesman Tommy Pigott said the directive applied specifically to Saudi Arabia, citing increased attacks by Iran-aligned Houthi forces on civilian targets.

Despite rising prices, some analysts believe American households are better positioned to absorb higher energy costs than in previous decades.

David Wagner of Aptus Capital Advisors noted that gasoline accounts for a smaller share of disposable income than it did a decade ago, potentially limiting the economic impact of elevated crude prices.

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tippinsightsTIPP Staff

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