Oil surges, stocks sink on disappointing OpenAI report

Oil prices soared on Thursday following reports that the United States could launch fresh attacks on Iran before next month's midterm elections, risking further supply disruptions. But the cost surge eased slightly after US President Donald Trump ruled out hitting Iran before the November vote, claiming Washington was holding "productive discussions" with Tehran. Brent North Sea crude, the international benchmark, rallied to as high as US$105.88 a barrel before retreating to US$104.28. The main US contract, West Texas Intermediate, reached as high as US$93.20 per barrel but eventually closed at US$91.49. The Atlantic magazine reported that the White House had asked the Pentagon to draw up options for hitting sites in Iran ahead of midterms on November 3. But with Trump's Republican party standing a chance of losing both houses of Congress, an escalation in the US-Iran conflict could put even more pressure on the president. Already, Americans are battling record-high diesel prices. Following the surge in energy costs, Trump wrote on his Truth Social platform Thursday that "we will not be attacking Iran at any time prior to the Midterm Elections." Still, oil markets are reacting not only to nervousness over Trump's plans but to "increased Iranian attacks on traffic through the Strait of Hormuz," said...