World crude oil prices rose on Wednesday (28/10), with Brent crude climbing above $115 per barrel and West Texas Intermediate trading around $101 per barrel, as markets weighed Israeli election results and reports that the United States is preparing new military operations against Iran.
Election result in focus
Exit polls from Israel’s election showed opposition leader Gadi Eisenkot’s camp in a close contest with Prime Minister Benjamin Netanyahu’s camp. Neither side had secured a majority. Robert Yawger, director of the energy futures division at Mizuho Securities USA LLC, said Donald Trump could lose Netanyahu as a partner willing to support war against Iran if the election results reshape Israel’s political landscape. Yawger added that the Israeli vote could also offer an early indication of political support dynamics ahead of the US midterm elections.
The Wall Street Journal reported that the United States has asked Gulf Arab states to prepare for possible new military operations against Iran after the US midterm elections on 3 November 2026, though Trump had not yet made a decision. The conflict involving the United States and Israel against Iran has disrupted global energy trade since February 2026.
Supply risks mount
A fire broke out near Ras Tanura early Tuesday (27/10); the extent of damage has not been confirmed. Iran’s Strait authority has threatened legal action against Sinokor vessels over what it describes as repeated violations in the Strait of Hormuz over the past three months.
Brent crude has risen by nearly 90 percent so far in 2026. The American Petroleum Institute reported a decline of 2 million barrels in US crude oil inventories in the prior week. The US government was scheduled to release official crude inventory data on Wednesday (28/10) local time, and the Federal Reserve was expected to hold interest rates steady.
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