Crude prices rise as markets monitor Middle East tensions and election

Oil prices increased on October 28, 2026, as market participants evaluated whether the United States could restart military strikes on Iran following upcoming midterm elections. Rigzone News and Oilprice both reported that crude markets reacted to geopolitical tensions in the Middle East and a close election in Israel. [1][2]

Brent crude rose 1.3 percent to close above $115 per barrel, while West Texas Intermediate settled near $103 per barrel, according to Rigzone News. NewsCord also reported that Brent crude surpassed the $115 threshold. [1][9]

Rigzone News reported that the Wall Street Journal stated the United States advised several Persian Gulf nations to prepare for a brief, intense military campaign. United States President Donald Trump has not finalized a plan but is leaning toward a larger attack after the elections, according to the same report. Oilprice reported that ING commodity strategists warned oil prices could decline if Washington does not launch new military strikes following the November 3 midterm elections. [1][2]

In Israel, Prime Minister Benjamin Netanyahu was leading in legislative elections, Rigzone News reported. Legislative elections took place in Israel on October 27, 2026, to elect all 120 members of the Knesset. [1][12]

Iranian media indicated that economic planners preparing the budget for the next Iranian year starting March 2027 are considering scenarios that include oil prices reaching $130 per barrel, according to Oilprice. [6]