U.S. President Donald Trump has publicly raised the possibility of striking Iran again, driving tensions in the Middle East higher once more. Iran warned that it would target undersea cables and military bases in the Gulf if the U.S. launches an attack. The renewed tension pushed international oil prices to their highest level in six months.
Speaking at a midterm election rally in Fort Myers, Florida, on the 23rd, Trump said, "We may do another little 'Operation Rising Fury.'" Rising Fury was the code name the U.S. used when it joined Israel in airstrikes on Iran in late February this year, opening the war.
Trump's remarks came as speculation spreads that the U.S. and Israel could strike Iran again after the midterm elections. The New York Times reported on the 21st that the two countries have drawn up plans for a short, concentrated strike and that fighter jets have been conducting practice flights over Iraq. Potential targets cited include Iran's energy infrastructure, nuclear facilities, and missile and drone capabilities.
Iran warned that it would escalate its retaliation if attacked. Two senior Iranian officials told Reuters that Tehran has prepared detailed plans to target undersea cables in the Gulf should the U.S. and Israel strike again. One official warned that military bases, including covert installations, could also become targets, saying there would be no further red lines if Iran came under attack.
Oil prices are surging. On the ICE Futures Europe exchange in London on the 23rd, Brent crude for December delivery settled at $116.72 a barrel, up $3.55, or 3.14%, from the previous session. That is the highest level in about six months, since April this year. The contract rose as high as $117.14 during the session, roughly 20% above early-September levels. West Texas Intermediate for December delivery also closed up $3.80, or 3.82%, at $103.27.
Facing energy and security risks, countries in the Middle East and Europe have launched diplomatic efforts to prevent further conflict. Foreign ministers from eight countries — Saudi Arabia, Egypt, Pakistan, Turkey, France, Germany, Britain and Italy — met in Istanbul the same day. They warned that a new military confrontation would not resolve the conflict and would instead spread the fighting and push oil prices higher again.