Oil prices accelerated their gains on Thursday following reports that the White House could consider renewed strikes against Iran before the US midterm elections on 3 November.
At around 1:50pm Cyprus time, Brent crude for December delivery was up 5.09% at $105.30 a barrel.
US West Texas Intermediate (WTI) crude for November delivery was also up 5.12%, trading at $92.80 a barrel.
Reports point to possible US strikes
The sharp rise in oil prices came after US media reports suggested that Washington is considering military options against Iran.
The Atlantic reported that the White House had asked the Pentagon to present options for strikes against Iranian targets that could be carried out before the midterm elections, citing two US administration officials.
No final decision has been made, according to the report.
Energy and nuclear sites among possible targets
Axios reported, citing sources, that if large-scale combat operations resume, they are expected to include major bombing campaigns targeting Iranian energy and nuclear infrastructure.
The reports have raised concerns in oil markets about the potential impact of renewed military action on energy supplies and regional stability.
Also read: Axios: Military told to prepare for possible Iran strikes, Trump weighs timing
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