Oil jumps 2%, settles at 6-month highs on fears of escalation in Iran
Oil prices jumped more than 2% on Friday and settled at their highest levels since the end of April, as traders braced for a potential escalation in the Iran war after the US midterm elections, with an attack on a tanker in the Strait of Hormuz highlighting supply risks.
Brent crude futures for December , which expired on Friday, settled up $2.76, or 2.4%, at $117.64 a barrel, after touching a high of $118. The more active January contract gained $2.63 to $113.43.
US West Texas Intermediate (WTI) crude futures settled $2.12, or 2.08%, higher at $104.12.
For the month, Brent finished 13.6% higher, while WTI rose 15.2%.
'Traders will remain focused on oil flows out of the Middle East and the likely escalation by US and allied forces,' said Dennis Kissler, senior vice president of trading at BOK Financial.
On Friday, a tanker in the Strait of Hormuz was hit by explosive devices attached by a small boat, said the UKMTO, the British maritime security service. It was not immediately clear who was behind the attack in the strait, the key sea outlet for Gulf crude and fuel supplies.
It was the first known successful strike in the waterway using limpet mines, explosives that are attached to a ship's hull from a small boat, since the US-Israeli war with Iran began in February, maritime sources said.
Reuters
Oil prices jumped more than 2% on Friday and settled at their highest levels since the end of April, as traders braced for a potential escalation in the Iran war after the US midterm elections, with an attack on a tanker in the Strait of Hormuz highlighting supply risks.
Brent crude futures for December , which expired on Friday, settled up $2.76, or 2.4%, at $117.64 a barrel, after touching a high of $118. The more active January contract gained $2.63 to $113.43.
US West Texas Intermediate (WTI) crude futures settled $2.12, or 2.08%, higher at $104.12.
For the month, Brent finished 13.6% higher, while WTI rose 15.2%.
'Traders will remain focused on oil flows out of the Middle East and the likely escalation by US and allied forces,' said Dennis Kissler, senior vice president of trading at BOK Financial.
On Friday, a tanker in the Strait of Hormuz was hit by explosive devices attached by a small boat, said the UKMTO, the British maritime security service. It was not immediately clear who was behind the attack in the strait, the key sea outlet for Gulf crude and fuel supplies.
It was the first known successful strike in the waterway using limpet mines, explosives that are attached to a ship's hull from a small boat, since the US-Israeli war with Iran began in February, maritime sources said.
Reuters
Oil prices jumped more than 2% on Friday and settled at their highest levels since the end of April, as traders braced for a potential escalation in the Iran war after the US midterm elections, with an attack on a tanker in the Strait of Hormuz highlighting supply risks.
Brent crude futures for December , which expired on Friday, settled up $2.76, or 2.4%, at $117.64 a barrel, after touching a high of $118. The more active January contract gained $2.63 to $113.43.
US West Texas Intermediate (WTI) crude futures settled $2.12, or 2.08%, higher at $104.12.
For the month, Brent finished 13.6% higher, while WTI rose 15.2%.
'Traders will remain focused on oil flows out of the Middle East and the likely escalation by US and allied forces,' said Dennis Kissler, senior vice president of trading at BOK Financial.
On Friday, a tanker in the Strait of Hormuz was hit by explosive devices attached by a small boat, said the UKMTO, the British maritime security service. It was not immediately clear who was behind the attack in the strait, the key sea outlet for Gulf crude and fuel supplies.
It was the first known successful strike in the waterway using limpet mines, explosives that are attached to a ship's hull from a small boat, since the US-Israeli war with Iran began in February, maritime sources said.
Reuters
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Oil jumps 2%, settles at 6-month highs on fears of escalation in Iran
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