Oil Climbs on Signs US May Resume Military Strikes Against Iran

Kanoko Matsuyama

Thu, October 29, 2026 at 6:02 PM EDT 2 min read

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(Bloomberg) -- Oil rose on signs the US may resume military strikes against Iran, risking fresh turbulence in the region that may hurt energy flows.

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West Texas Intermediate gained toward $103 a barrel, after swinging more than $3 in the previous session, while Brent settled near $115. A top commander briefed President Donald Trump on military options on Thursday, the Wall Street Journal reported. The US leader has repeatedly given signals he may restart airstrikes against Tehran after midterm elections next week.

In Iran, one of the country's top negotiators, Parliament Speaker Mohammad Bagher Ghalibaf, suggested the Islamic Republic's positions on ending the war will not be compromised. His remarks followed confirmation from Tehran that officials had received a letter sent by US Vice President JD Vance.

Global benchmark Brent has rallied by 12% in October, hitting a six-month high, as the conflict has dragged on. The gains this month have come despite a revival of flows from the Middle East, with producers managing to ship cargoes through the Strait of Hormuz even with elevated risks to shipping.

Traders get a flood of oil supermajors' earnings this week, with results from ExxonMobil Holdings Corp. and Chevron Corp. due later Friday. On Thursday, Shell Plc Chief Executive Officer Wael Sawan said current oil prices no longer looked temporary because global inventories are so depleted.

In Israel, Prime Minister Benjamin Netanyahu and his allies secured 53 seats in the general election held this week, ahead of the main opposition's bloc of 48 but short of a majority allowing them to rule without further backing. The country joined with the US to start the war against in Iran in February with the stated aim of dismantling its nuclear program.