Oil rises amid Middle East tensions — CNBC

Oil prices rose on Thursday amid concerns over the security of supplies from the Middle East, particularly due to risks related to Iran and Saudi Arabia. December Brent futures gained 1.36% to $101.54 per barrel, while November futures for U.S. West Texas Intermediate crude rose 1.04% to $89.32 per barrel, CNBC reports.

Possible US operations in Iran

NBC News, citing sources, reported that U.S. President Donald Trump and his national security team discussed a possible resumption of large-scale U.S. military operations in Iran in the coming weeks. According to the broadcaster, options including strikes before next month's midterm elections were also considered.

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Markets are also monitoring rising tensions in the region. The Iran-backed Houthis recently attacked Saudi Arabian airports in Jizan and Najran. According to CNBC, Tehran is also attacking tankers in the Strait of Hormuz.

Risks to export routes

According to Inki Cho, a financial markets consultant at the Exness trading platform, oil prices are likely to continue depending on the security of export routes and the energy infrastructure of Persian Gulf countries. Any escalation affecting shipping through the Strait of Hormuz or Saudi Arabia's energy infrastructure could jeopardize physical supplies and contribute to further price increases.