The U.S. and Israeli militaries have finalized plans for potential strikes against Iranian energy, nuclear, and missile infrastructure following the U.S. midterm elections. Following reports of these plans and a meeting between Defense Secretary Pete Hegseth and Prime Minister Benjamin Netanyahu, global markets declined while Brent crude prices surged above $110 per barrel. In response to rising security risks, the U.S. is reducing its regional presence, while ongoing regional conflicts continue to support elevated oil prices.
The reports coincided with accounts of Israeli pressure to resume strikes on Iran, while U.S. crude inventories fell to 412.5 million barrels, 3% below the five-year average.
Read the full storyAsian shares outside Japan fell 1.8% amid shipping disruptions and reports of Israeli military preparations, while concerns over data centre financing weighed on AI stocks.
London Stock Exchange Group analysts warned of threats to Gulf crude loading and ship-to-ship transfers, while Iran said early Thursday it had targeted tankers and Washington expanded sanctions on shipping networks.