Oil prices rose near six-month highs on Friday as the prospect of renewed U.S. military action against Iran clouded hopes for a diplomatic breakthrough. Both benchmarks were on track for a fourth consecutive monthly gain of more than 10%.
Oil prices rose near six-month highs on Friday as the prospect of renewed U.S. military action against Iran revived concerns over supply disruptions. Hopes for a diplomatic breakthrough, meanwhile, grew cloudier.
Brent and WTI extend monthly gains
As of 04:14 ET (08:14 GMT), December Brent futures rose 2.3% to $117.17 per barrel, while West Texas Intermediate (WTI) crude futures gained 1.80% to $103.80 per barrel. Brent reached as high as $117.84 per barrel earlier in the day, its highest level since late April.
Both benchmarks were on track for a fourth consecutive monthly gain of more than 10%.
Trump weighs options on Iran
The Wall Street Journal reported that U.S. Central Command chief Admiral Brad Cooper briefed President Donald Trump on military options for Iran at the White House on Thursday, alongside Defence Secretary Pete Hegseth and other senior officials. The meeting covered the continuing U.S. blockade and the possibility of renewed major combat operations, the report said.
Trump has signalled that renewed strikes could follow the November 3 U.S. midterm elections. Asked on Wednesday whether he was planning additional attacks, he said: "anything’s possible".
Diplomacy stalls as Gulf threats persist
Washington is still pursuing fresh contacts with Tehran. U.S. Vice President JD Vance has contacted Iranian security official Mohsen Rezaei to try to revive negotiations, while mediators have been working on a possible framework for ending the conflict. However, Tehran has reportedly rejected a proposed settlement, leaving the prospects for a near-term agreement uncertain.
The market remains particularly sensitive to developments around the Strait of Hormuz, a vital shipping route for global oil supplies. Saudi Arabia’s air defences intercepted another ballistic missile launched by Yemen’s Iran-aligned Houthi movement towards the kingdom’s Eastern Province, the Saudi Press Agency reported on Thursday.
Supply data also supported prices this week. U.S. commercial crude inventories fell by 1.9 million barrels in the week ended October 23 to 410.6 million barrels, defying expectations for a modest increase, according to the Energy Information Administration.
Source: Investing.com
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