Oil prices rose Thursday amid fears of an escalation in the Middle East conflict and preparations for possible military action against Iran. Brent crude gained 1.71% to $110.67 a barrel, while U.S. West Texas Intermediate crude increased 1.42% to $98.53. The New York Times reported, citing unnamed U.S. officials, that American and Israeli militaries have drawn up plans for renewed strikes on Iran after next month’s midterm elections, with a short but intensive operation being planned. Washington also ordered non-emergency government employees and their families to leave Saudi Arabia because of attacks against civilian targets attributed to Iran-aligned Houthis. David Wagner of Aptus Capital Advisors said U.S. households are better positioned to withstand elevated energy costs than in the past, with gasoline representing roughly 5% of average disposable income compared with about half that level a decade ago.
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