Oil Prices Surge as Trump Weighs Action Against Iran

Oil prices rose on Wednesday, with Brent reaching $114.87 and West Texas Intermediate climbing to $101.49. The market volatility follows escalating Middle East tensions, including a Saudi-led coalition's interception of a Houthi ballistic missile targeting Taif and a Houthi-claimed drone strike on Abha International Airport.

Donald Trump stated he has a "decision to make" regarding Iran as diplomatic talks continue. Reports indicate the United States has warned Gulf Arab countries of a possible renewed military campaign against Iran following the November 3 midterm elections.

In a diplomatic effort, Qatari mediators presented Iran with a new draft deal to end the US-Israeli war, which Tehran is expected to address by the end of the week. Iranian Foreign Minister Abbas Araghchi warned that military escalation in the Gulf could devastate international markets.