US and Israel have drawn up Iran strike plans for after Nov. 3, NYT reports: Brent tops $110

The United States and Israel have drawn up specific plans for renewed strikes on Iran after the November 3 midterm elections, CNBC reported Thursday, citing The New York Times and unnamed U.S. officials. The Times described a "short but intensive" operation. It also reported that Defense Secretary Pete Hegseth met Prime Minister Benjamin Netanyahu on an unannounced trip to Israel this week to discuss new strikes. We have not seen the Times article itself; the details below come from CNBC's account and from the Times of Israel's summary.

No strike has been approved. CNBC says the Times reported that President Trump has not signed off and has repeatedly vetoed plans to return to major combat this year. The Times of Israel adds that a White House official declined to comment and said all options remain on the table to stop Iran getting a nuclear weapon. The reporting rests on anonymous sources, and the plan could change.

What the plan reportedly targets

The likely targets, per the Times as relayed by CNBC, are Iran's energy infrastructure, nuclear facilities, and missile and drone arsenal. The Times of Israel's summary says Trump would reportedly steer strikes away from Iranian oil infrastructure to limit a rise in U.S. gasoline prices. Officials also reportedly say US and Israeli forces have been rehearsing, including flights over Iraq. Iranian officials, CNBC says, have vowed to widen their targets to data centers and undersea internet cables and have refused concessions on the nuclear program.

The Saudi front

Separately, the State Department ordered non-emergency U.S. government employees and their family members out of Saudi Arabia. Spokesman Tommy Pigott said on X that the order applies to Saudi Arabia only, citing Iran-aligned Houthi attacks on civilian airports and other infrastructure, according to CBS News. Reuters reported that other missions in the region would also pull family members; Pigott pushed back on the idea that the order covers other Gulf states, and CBS says other embassies have moved to reduced "restricted operations" staffing instead. For current advisories see travel.state.gov.

A correction on casualties: some summaries say two people died at a Saudi airport. CNBC reports a Wednesday strike on King Fahd International Airport in Dammam killed at least one person and injured eight, and that a separate drone attack on Aramco's Shaybah oil field killed two, per the Saudi Press Agency, with operations unaffected. Earlier this month a strike on Riyadh's King Khalid International Airport killed 12 and injured more than 300, CBS reports.

Oil: what the screens show

CNBC said Brent crude futures topped $110 a barrel early Thursday, with West Texas Intermediate up about 1% at $98.12. At 11:07 AM ET the Chronicle markets board showed rolling front-month WTI at $100.68 (up 1.07%) and Brent at $112.66 (up 1.65%). The two sets of quotes come from different feeds and times, so compare moves rather than levels.

The reported plan to avoid refineries and oil export sites matters here. A campaign that spares Iranian crude would hit the market through risk premium and shipping insurance rather than lost barrels. CNBC cites Kpler saying Middle East flows through the Strait of Hormuz have recovered to near pre-war levels despite ongoing disruption. On the other side of the ledger, CBS notes the Houthis sit near the Bab al-Mandab Strait, a chokepoint that matters more with Hormuz disrupted. See our crude oil chart.

Who is exposed

• Airlines and travelers: jet fuel follows crude, and Gulf airport closures and strikes add rerouting and cancellation risk. Anyone with Saudi or Gulf travel should check carrier notices and the State Department advisory.
• Shipping: war-risk premiums and routing around Bab al-Mandab and Hormuz are the pressure points to watch. We have no verified rate quotes this morning, so we are not putting a number on them.
• Defense stocks: we did not verify sector moves this morning and will not guess at them.
• Diesel and heating oil buyers: truckers, farms and fuel-heavy small businesses are the first to feel crude at these levels; see our earlier coverage of record diesel.

Markets were already under pressure. At 11:07 AM ET the board showed the S&P 500 down 1.35%, the Nasdaq 100 down 2.50% and gold down 2.0% near $4,058, with the 10-year Treasury yield at 5.12%. We have not tied those moves to the Iran reporting and no source we read does.

The calendar around the vote

If the reported timing holds, the window opens right after Election Day. The dates traders already have: the Fed's October 28 decision (forecast to hold at 3.875%), the November 2 ISM manufacturing PMI, November 3 JOLTS and the midterms, November 4 ADP, November 6 nonfarm payrolls, and November 10 CPI, which last printed 3.7% year over year. An energy shock lands directly on that last number. Watch the markets page for the live calendar.

What would change the picture: a presidential decision either way, Iranian retaliation on Gulf infrastructure, or progress in the nuclear and Hormuz talks CNBC says are continuing.

Sources: CNBC, CBS News, Times of Israel, State Department statements as quoted by CBS and CNBC, Chronicle markets board. This is market information, not investment advice.