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Home/Energy/Oil climbs as WTI settles at $102.78 on renewed U.S.-Iran strike fears
VERIFIEDBy Xavier Rivera·Wednesday, October 28, 2026 at 8:40 PM AST·1 min read

Oil climbs as WTI settles at $102.78 on renewed U.S.-Iran strike fears

Oil prices rose on Wednesday after reports that the U.S. is preparing for possible renewed strikes on Iran after the midterm elections. U.S. crude gained 2.9% to settle at $102.78 a barrel and Brent rose 1.3% to $115.32.

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Oil climbs as WTI settles at $102.78 on renewed U.S.-Iran strike fears
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TL;DRAI · 60 sec read

WTI crude for December rose $2.88, or 2.88%, to settle at $102.78 a barrel on Oct. 28, and Brent gained $1.44, or 1.26%, to $115.32. The gains followed a roughly $2 drop on Tuesday. The Wall Street Journal reported the U.S. told Gulf Arab states to prepare for a short military campaign after the midterms.

Oil prices climbed on Wednesday, Oct. 28, as investors weighed the prospect of a longer conflict in the Middle East, CNBC reported.

Where prices settled

U.S. West Texas Intermediate crude for December delivery rose $2.88, or 2.88%, to settle at $102.78 a barrel on the New York Mercantile Exchange. Brent crude for December gained $1.44, or 1.26%, to $115.32 a barrel on ICE Futures, according to Xinhua and CNBC.

The move reversed part of Tuesday's decline of about $2 a barrel, when talks in the region had eased supply worries, Qatar News Agency reported.

Strike reports drive the gains
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The Wall Street Journal reported, citing sources, that the U.S. has told several Gulf Arab countries to be prepared for a short, intense military campaign after the midterm elections. CNBC said the gains came after President Trump said on Tuesday that the war with Iran would end on his terms.

Prices swung during the session on conflicting reports about whether Qatari mediators had presented Iran with a new proposal to end hostilities, Newsquawk reported.

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Weekly U.S. government data showed crude inventories fell by about 1.9 million barrels, while gasoline stocks rose unexpectedly, according to Newsquawk. U.S. crude production rose to about 13.99 million barrels per day.
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