Brent Crude Hits $111 Amid Middle East Tensions

Brent crude oil prices rose 2.68 percent to reach 111.74 dollars this Thursday. The surge follows growing fears of an escalation in the Middle East conflict.

United States and Israeli officials are preparing plans for military operations against Iran. These actions are expected to be short and intensive following next month's midterm elections.

The American government has ordered the departure of non-essential personnel and their families from Saudi Arabia. This measure comes in response to an increase in attacks by groups aligned with Iran against civilian targets in the region.

West Texas Intermediate crude also saw a 2.21 percent increase to reach 99.30 dollars. Experts note that the current economic impact may be smaller than in previous decades.

Data shows that gasoline spending currently accounts for a smaller share of American disposable income compared to the past. This suggests that households are more resilient to high energy costs.