You are using an outdated browser For a better experience using this site, please upgrade to a modern web browser. Subscribe Get Daily Email Subscribe --> Contact Us Sign in Home News & Features Compliance Costs Bunker Prices Bunker Intelligence World News Latest Features World Americas EMEA Asia/Pacific Home News & Features World Oil Jumps 4% As Washington Dispatches More Ships, Troops, to Middle East Oil Jumps 4% As Washington Dispatches More Ships, Troops, to Middle East by Ship & Bunker News Team Thursday October 1, 2026 Tweet Follow @shipandbunker An escalation of the U.S./Iran war is expected after the U.S. midterms: File Image/Pixabay Evidence that the U.S. was preparing to escalate its war against Iran caused jittery traders on Thursday to boost  crude prices by over 4 percent – despite oil flows through the Strait of Hormuz returning to prewar levels. Brent settled up 4.4 percent at $102.31 per barrel, while West Texas Intermediate settled up 2.7 percent at $92.87 per barrel. After U.S. president Donald Trump told aides he expects to resume bombing the Islamic republic following the U.S. midterm elections next month, Marine Corps ships and up to 10,000 additional troops were deployed to the Middle East . “ There's no supply shortage in the world Hardeep Singh Puri, oil minister, India Scott Modell , CEO of Rapidan Energy and a former CIA officer, told media, “The president I think is going to escalate after the midterms; we keep hearing that the Iranians are going to escalate into the midterms.” Crude trading on Thursday was also influenced by China : four people familiar with the matter told media that Chinese refiners had suspended exports of oil products beyond Hong Kong and Macau until further notice. This prompted Giovanni Staunovo , analyst at UBS , to remark , "The Chinese export ban suggests concerns about domestic product availability," and he added that it’s unclear whether the measures will support higher crude imports after rece