Crude oil futures jumped 4% on Thursday after reports surfaced that President Donald Trump would renew military strikes on Iran after the November midterm elections.

November West Texas Intermediate (WTI) crude oil futures surged $3.29, or 3.73%, to $91.57 per barrel at 18:48 GMT on Thursday on the New York Mercantile Exchange. US oil prices are on track for a weekly loss of almost 2%, but remain up 60% year-to-date.

Brent, the international benchmark for oil prices, firmed above $100. December Brent crude futures climbed $4.20, or 4.19%, to $104.40 per barrel in overseas trading.

According to NBC News, Trump and his national security team are considering resuming attacks on Tehran in the coming weeks. President Trump, meanwhile, said on social media that the United States would not be striking Tehran before the midterm elections next month.

“We are having productive discussions with the Islamic Republic of Iran,” Trump wrote in an Oct. 8 Truth Social post.

“I want to make it clear to everybody that, while Iran is in very bad condition, both Economically and Militarily, and while the Blockade will remain in full force and effect, with Oil flowing in Record Numbers of Barrels through the Hormuz Strait (22 Million Barrels, last night alone, with not one barrel coming from, or going to, Iran!), we will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd. IRAN WILL NOT HAVE A NUCLEAR WEAPON!”

Various reports indicate that Persian Gulf exports have returned to pre-conflict levels and oil and gas shipments traversing through the Strait of Hormuz have rebounded substantially over the past month.

On the data front, US crude oil stockpiles fell by 3.186 million barrels, from the previous week’s build of 922,000 barrels. This came in below the consensus forecast of 1.7 million barrels.

Gasoline inventories rose by a higher-than-expected 382,000 barrels, up from a 1.684 million-barrel drawdown the previous week.

Distillate supplies fell by 42,000 barrels, while heating oil stocks increased by 668,000 barrels.

In other energy commodities, November natural gas futures declined by $0.041, or 1.28%, to $3.162 per million British thermal units (Btu). November gasoline futures advanced by $0.0948, or 2.93%, to $3.329 a gallon. November heating oil futures spiked $0.2704, or 5.85%, to $4.8931 per gallon.