Oil jumps on report US eyes new Iran strikes

Oil prices rose Thursday and US stocks opened lower after The Atlantic reported that the White House had asked the Pentagon to draw up options for possible new attacks on Iran before the November 3 congressional midterm elections.

Brent North Sea crude rose as high as $105.48 per barrel before easing. Around 1330 GMT, Brent was up 3.8 percent at $104.04, while West Texas Intermediate was up 3.8 percent at $91.59 after earlier reaching $92.84.

The Dow Jones Industrial Average was down 0.4 percent at 51,003.25 points, the S&P 500 was down 0.4 percent at 7,774.82 and the Nasdaq Composite was down 0.5 percent at 27,410.88.

The Atlantic reported that the White House had asked the Pentagon to prepare options for hitting sites in Iran ahead of the midterms. The report raised concern about further disruption to energy supplies.

Arne Lohmann Rasmussen, chief analyst at Global Risk Management, said the planning should be seen in the context of efforts to pressure Iran, reduce energy prices and show progress in the conflict before the election.

European markets were mixed. Frankfurt's DAX was down 0.6 percent and Paris's CAC 40 was down 0.2 percent, while London's FTSE 100 rose 0.2 percent as higher oil prices lifted energy shares. BP rose 3.3 percent and Shell rose 3.2 percent.

Asian markets closed lower, with Tokyo's Nikkei 225 down 1.4 percent, Hong Kong's Hang Seng Index down 1.4 percent and Shanghai's Composite down 0.8 percent.

On currency markets, the euro stayed near levels last seen in June 2025 as concerns about France's high debt levels continued to unsettle bond investors.