Brent crude futures topped $116.50 a barrel early Wednesday after a WSJ report said the Trump administration is preparing for a brief military campaign against Iran after the midterm elections.
Trump said at a rally last week, "We may do another little Epic Fury."
Trump on Iran: We may do another little epic fury. https://t.co/KCU6BE3cKR
— Acyn (@Acyn) October 23, 2026
Signals were mixed by early afternoon, as oil and yields pared back their gains after Iranian Foreign Minister Abbas Araghchi said on X that Iran continues to give diplomacy a chance to succeed.
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The mixed messaging keeps oil whipsawing on headlines like a penny stock, but Brent and WTI both trade in triple-digit territory, and the refining crisis is far from over ahead of the Northern Hemisphere winter. EU NatGas prices climbed above 100 euros per megawatt-hour earlier today.
To clarify what may come next in the Gulf conflict after the midterms, Jefferies hosted Atlantic Council Middle East specialist and former
