Mideast escalation risks an oil shock ahead of the midterms

This is read by an automated voice.Please report any issues or inconsistencies here.

See more from the L.A.Times in Google Search.

Set us as preferred WASHINGTON — A bold military push by Iran and its proxies to create a choke hold on global oil supplies has once again caught the Trump administration off guard, threatening a market shock and a steep political backlash in the U.S.midterm elections.A drone attack on Saudi Arabia’s most crucial pipeline, which siphons crude oil from the Persian Gulf to the Red Sea to bypass the Strait of Hormuz, has led to the line’s closure, potentially taking 4% of the world’s supply off the market.

And a lightning advance by Iran-backed Houthi rebels along Yemen’s Red Sea coast threatens commercial traffic through the Bab el-Mandeb Strait, second only to Hormuz in its importance to regional shipping.The strikes put the Trump administration in a newly precarious position less than two months until the November midterms.President Trump’s military advisors have warned him that any retaliation could lead to a further depletion of critically low U.S.

munition stockpiles, endanger American personnel in the field and risk escalation that could spiral out of Washington’s control.On Tuesday, the global price of oil topped $107 a barrel — the first time in U.S.campaign history that an incumbent president has faced rising pump prices at this stage of an election.The Iranian strikes come as Europe and the United States are facing increased energy needs entering the fall and winter months, and as Ukrainian attacks on Russia’s energy infrastructure have surged, pushing diesel prices up to record highs.Signs are emerging that the latest attacks could trigger an acute market panic, with Brent crude buyers paying a steep premium for early delivery — an indication that the industry fears an impending supply crisis.“I fear there is a considerable risk of much higher gas and diesel prices in the weeks to come,”...