Heating oil prices.
Simply compared.Heating oil prices.
Simply compared.

America and Israel have drawn up plans for fresh strikes on Iran once America's midterm elections are over on 3 November, the New York Times reported on Wednesday. Officials told the paper the likely targets include Iran's energy sites, though nothing has been approved, and President Trump said something would happen soon, one way or the other. Traders took it seriously, and crude ended Friday at its highest in six months. At the weekend Yemen's Houthi rebels, who are backed by Iran, said they had fired at Saudi oil sites including Yanbu, the Red Sea port Saudi oil now leaves from to avoid the Strait of Hormuz, and the pipeline that feeds it. Saudi Arabia said it shot the missiles down, and no damage to oil sites has been reported. Crude eased on Monday as Qatari mediators, working with the Americans, went to Tehran. Heating oil has risen far less than crude. It follows the price of diesel and jet fuel, which come from the same part of the refinery, and the European Commission said on Thursday that Europe's supplies of both are tight but not short.

Your next fill. At Fueltool's UK average today, a 1,000-litre fill costs about £1,200 including VAT. That is about the same as at last Wednesday's brief and roughly £30 more than a week ago, after crude's climb last week.

What to watch. Whether President Trump orders strikes on Iran after 3 November, or the Qatari visit to Tehran opens talks first. Israel's election on Tuesday, since the New York Times noted that a defeat for Benjamin Netanyahu would make a new war harder to start. And whether the Houthis keep firing at Yanbu and its pipeline, Saudi Arabia's main way of getting oil out while the Strait of Hormuz is blocked.