Ironically, during the US election: US attacks on Iran are causing oil prices to rise again

Was that thought through to the end? Shortly before the important midterm elections in the USA, they bombed Iran. With consequences for oil prices. The Americans probably won't like that.

Oil prices have risen following reports of renewed attacks by the US military on targets in Iran. This Tuesday, a barrel (159 liters) of the reference Brent crude oil from the North Sea for delivery in January was traded at around 106 US dollars, around 1.5 percent higher than on Monday.

According to consistent media reports, the USA has attacked targets on the Iranian island of Gheshm in the Strait of Hormuz. Accordingly, a Revolutionary Guard position on the island was attacked after a rocket was fired from there at a US aircraft.

Just hours earlier, President Donald Trump said that many believed the war with Iran was coming to an end. The unpopular conflict is making the cost of living more expensive in the USA and is posing a threat to Trump in the midterm elections this Tuesday. Iran desperately wants an agreement, Trump claimed. However, the media had recently reported on plans by the US government to carry out renewed attacks against Iran together with Israel after the midterms.

With the increase, oil prices have temporarily stopped the significant decline at the start of the week. On Monday, the price of Brent oil temporarily fell to $103.28 due to positive signals from Iran, after being quoted at almost $117 last week. Iran's Supreme Leader Modshtaba Khamenei gave the green light to negotiations that could end the war with the United States, according to a report by state news agency IRNA.

Expensive fuel hits US consumers

With the Iran war, inflation increased significantly in both Europe and the USA, primarily due to significantly higher fuel prices. According to the ADAC, there were record prices for refueling in Germany in September, and the federal government responded with a new refueling discount. In the USA too, high fuel prices are putting pressure on many consumers, which is putting pressure on Trump's Republicans in the midterms. Because Trump had promised to curb inflation.

Today's congressional elections will see new elections for all 435 seats in the House of Representatives and 35 of the 100 Senate positions. Trump's Republicans currently hold a slim majority in both chambers of Congress. According to polls, the Democrats could win the majority in the House of Representatives, while there is no clear picture emerging in the Senate.