US Strikes on Iran Push Oil Prices Higher Before Midterms
Oil prices rose on Tuesday after reports of new US military strikes on targets in Iran, with Brent crude trading around $106 per barrel, up about 1.5 percent from Monday. The attacks occurred just hours before the US midterm elections. US forces struck a Revolutionary Guards position on Iran's Qeshm Island in the Strait of Hormuz after a rocket was fired at a US aircraft, according to media reports. The escalation comes as President Donald Trump faces political pressure over high fuel costs and inflation ahead of Tuesday's elections. The price increase halted Monday's decline, when Brent fell to $103.28 following signals from Iran's supreme leader approving negotiations to end the conflict. High gasoline prices have strained US consumers and threaten Republican majorities in Congress, with all 435 House seats and 35 Senate seats up for election.