Oil prices surge as Trump-Israel plan to strike Iran emerges before midterms

Brent crude climbed to $111.74 a barrel after a report revealed that Donald Trump and Israeli officials have prepared a brief but intense military operation against Iran’s nuclear installations, energy grid and missile and drone capabilities. The strategy, which may involve deploying the massive GBU-43/B bomb on a site called Pickaxe Mountain, is slated for after the November midterm elections, heightening concerns about rising gasoline prices for American voters.

Defense Secretary Pete Hegseth traveled to Israel to coordinate details with Prime Minister Benjamin Netanyahu, though Trump has repeatedly delayed any new combat actions. Iran has pledged a strong response, threatening to strike Saudi refineries and regional data infrastructure. The State Department has evacuated non-essential staff from Saudi Arabia amid escalating Houthi attacks, while Wall Street analysts note that today's oil shock differs from past spikes in its impact on household budgets.