Pumpjacks operating in Kern County, which has a long history of oil production, in California’s 22nd Congressional District on October 16, 2026 near Bakersfield, California. Mario Tama | Getty Images Oil prices rose on Thursday on concerns about a possible escalation in the Middle East conflict, as the United States reportedly plans to resume attacks on Iran. Brent crude futures rose 1.71% to $110.67 a barrel, while U.S. West Texas Intermediate crude gained 1.42% to $98.53. The US and Israeli militaries have drawn up specific plans to renew attacks on Iran after next month’s midterm elections, The New York Times reported, citing unnamed US officials. Planning for a “short but intensive” operation is progressing, The Times said. The United States has also ordered non-emergency government employees and their families to leave Saudi Arabia. State Department spokesman Tommy Pigott, in a post on However, the economic consequences of high oil prices may be less severe than in previous decades as consumers become less vulnerable to energy shocks, according to David Wagner, head of equities and portfolio manager at Aptus Capital Advisors. “$100 oil today is a lot different than $100 oil, you know, 20 or 30 years ago,” Wagner said, noting that crude oil prices are still well below their inflation-adjusted record highs. We will be better positioned to withstand high energy costs. “I think we can protect ourselves from the oil rain with that umbrella,” he said. CNBC’s Anniek Bao contributed to this report.
