[Global Oil Prices] Rebound After a Day; Brent Tops $115

[Financial News]  

Global oil prices turned higher on the 28th (local time). Reports that the United States was preparing to resume airstrikes on Iran after the midterm elections sent prices higher again within a day.
Brent crude, the global oil-price benchmark, for December delivery rose 1.3% from the previous session to settle at $115.32 a barrel.
West Texas Intermediate (WTI), the U.S. oil-price benchmark, for December delivery also jumped 2.9% to settle at $102.78 a barrel.
The Wall Street Journal (WSJ), citing sources, reported that the United States had told Gulf countries to prepare for a short but intense military operation after this midterm election. CNN had earlier reported that the United States was preparing to strike Iran within 48 hours after the November 3 midterm election.
President Donald Trump said Iran must not have nuclear weapons and that the war would end during his term.
At a rally in Texas on the 27th, Trump said the war could end in an instant, while stressing that any agreement to end it would make clear that Iran’s possession of nuclear weapons could never be tolerated.
An attack by Yemen’s Houthi rebels on key Saudi oil facilities also fueled the rise in oil prices.
The pro-Iran Houthi rebels said they attacked the Ras Tanura oil refinery in Saudi Arabia with a ballistic missile on the 27th. The Ras Tanura refinery is Saudi Arabia’s largest and can process about 550,000 barrels of crude oil a day. A large seaborne crude oil export terminal is also located there, so damage to the facility could disrupt overseas exports.

[email protected] Song Kyung-jae Reporter