Oil swings as US reportedly tells Gulf states to prepare for Iran strikes

· Energy · Iran · United States

Oil prices climbed Wednesday after reports that the US had told Gulf countries to prepare for possible strikes on Iran after next week's midterm elections, then fell as traders weighed fresh diplomatic efforts to avert a restart of hostilities. President Donald Trump said the Iran war will end 'when I want it to', as a report put the conflict's costs at $47 billion. Iran said it was discussing a plan with mediators to end the war and reopen the Strait of Hormuz, warning that any Israeli-led attack would be 'devastating' for global markets. The US also advised ships to avoid unnecessary transits through Hormuz. European natural gas topped €100 per megawatt hour, and the World Bank said energy prices will climb 32% this year.

Why it matters：Any renewed Iran conflict would hit oil and gas flows through Hormuz, raising energy costs for importers worldwide just as winter demand begins.

Key points

  • The reported US advisory to Gulf states followed the midterm election timing.
  • Iran is discussing a mediation plan to reopen the Strait of Hormuz.
  • European gas prices hit €100/MWh for the first time since 2022.

Sources (original reporting)

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