Plans for new Iran strikes push crude to a six-month high as Houthis fire at Saudi oil

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.