Brent Crude Rises 4% to Its Highest Close Since May 4 Amid Iran Risk

December Brent crude futures settled at $113.17 a barrel Thursday, up 4% and at their highest close since May 4, as possible post-election U.S.-Israeli strikes on Iran renewed oil-market concerns.

The possible operation has been described as a short, concentrated campaign aimed at Iranian nuclear and energy facilities. Some U.S. officials have said a three-day campaign could inflict enough economic damage to pressure Tehran, but no final U.S. decision has been made. White House spokeswoman Anna Kelly said the United States would not attack Iran before the Nov. 3 election. Israeli officials have described post-election action as likely while saying President Donald Trump holds the final decision. The U.S. and Israeli accounts differ over how certain the operation is.

West Texas Intermediate (WTI) crude settled at $99.47 a barrel, up 2.4%. Iran has threatened to target energy facilities in Gulf states if fighting resumes, a potential supply concern for oil markets.

No post-election attack has been confirmed. The next stated milestone is the Nov. 3 midterm election.