Oil price rises above $117 a barrel amid fears US will renew strikes on Iran

{"heading":"The Impact of US-Israeli Strikes on Iran","subheading":"Widespread Reports and Immediate Market Reaction","paragraph_1":"Widespread reports that the US is considering renewed military strikes on Iran after the midterm elections rather than pursuing a diplomatic route were enough to push the oil price up, despite what many had considered a brief conflict.","paragraph_2":"The oil price later eased back slightly, but remained at a significant increase, with Brent crude trading at about $116 a barrel.","paragraph_3":"Tensions in the region have been rising this week, with Iran's Islamic Revolutionary Guards Corps claiming to have struck four commercial ships in the strait of Hormuz on Wednesday.","paragraph_4":"The US state department ordered some diplomats and the families of US government employees to leave Saudi Arabia, which has faced continued attacks from Houthi rebels in Yemen."}