Report says Trump may order strikes on Iran before midterm elections, oil prices rise

Reports said the White House has asked the Pentagon to draw up plans for strikes on Iran that could be carried out before the midterm elections, while a storm shut some US crude output, pushing oil prices higher. West Texas Intermediate rose toward $89 a barrel, while Brent settled near $100 a barrel. The Atlantic report, citing two administration officials, runs counter to the broad market expectation that President Donald Trump would avoid a conflict escalation with Tehran before next month's elections. The scale of potential strikes, the targets and whether the US would carry them out are still being discussed, the report said. A limited strike could be followed by a larger operation after the midterm elections, it added. Meanwhile, Bureau of Ocean Energy Management data showed Gulf of Mexico crude producers shut more than 510,000 barrels a day of output, about a quarter of the region's production, because of Tropical Storm Isaias. Isaias is forecast to strengthen into a strong Category 2 hurricane in the next few days.