Trump says Iran is making up strikes on ships to drive up oil prices

Oil climbed to $112 a barrel for Brent crude on Thursday, its highest mark since May 18, and President Donald Trump responded by accusing Iran of inventing attacks on shipping to push prices higher before the U.S. midterm election. On Truth Social he said more oil is passing through the Strait of Hormuz than before the conflict began. Iran's Revolutionary Guards, however, said they hit four vessels and that three more struck sea mines along the southern route near Oman, which the U.S. uses for tanker escorts. Those escorts move large volumes but are expensive, and regional instability keeps prices elevated, according to CBS News.

Meanwhile, Houthi forces have intensified strikes on Saudi Arabia. Their military spokesman, Brig. Gen. Yahya Saree, claimed four operations in two days against sites in Riyadh, Dammam, Yanbu and Abha, and said the Saudis had killed or wounded more than 562 people. CBS News has not verified these claims. International Monetary Fund regional director Jihad Azour told AFP the effect on the Saudi economy is limited, though it is still projected to shrink 3.3% this year.

Separately, Kpler said Iran's floating crude stockpile bound for China ran out in mid-October under the U.S. naval blockade.

Summarized by PolitiKool from CBS News’s reporting. Read the full story at CBS News →