FX.co ★ Oil Tops $99 as Middle East Tensions Escalate

Crude oil climbed above $99 a barrel on Thursday, its highest level in more than a month, as escalating tensions in the Middle East and reports of planned US strikes on Iran rattled markets. According to reports, US and Israeli military officials have drawn up plans for renewed attacks after next month’s midterm elections, with Iran’s energy infrastructure expected to be a primary target.

The US has also ordered non-emergency government personnel and their families to leave Saudi Arabia, following an uptick in attacks by Iran-aligned Houthi forces. The directive was issued after an attack on King Fahd International Airport in Dammam, on Saudi Arabia’s east coast, on Wednesday.

In a further sign of heightened security concerns, Saudi Aramco has reportedly told employees to evacuate its headquarters in Dhahran and work remotely. Aramco facilities have been repeatedly targeted by Houthi attacks in recent years.

Together, these developments have intensified fears of prolonged disruptions to oil supplies from the region.