TLDR
- Brent crude rose about 2% to $117.19 a barrel on Friday, its highest level since late April.
- U.S. officials briefed President Trump on military options for Iran, and strikes could follow the November 3 midterms.
- A tanker was attacked in the Strait of Hormuz, and Houthi militants claimed new strikes on Saudi energy sites.
- U.S. crude inventories fell by 1.9 million barrels, while forecasts had called for a small rise.
- Seven OPEC+ producers meet Sunday to review market conditions and production policy.
Oil prices rose to near six-month highs on Friday as the chance of new U.S. military action against Iran clouded hopes for a deal. Brent crude futures gained 2.1% to $117.19 per barrel by 09:45 GMT.
Brent hit $117.84 earlier in the day, its highest level since late April. West Texas Intermediate futures rose 1.8% to $103.88.
Both benchmarks were headed for a fourth straight monthly gain of more than 10%. Prices rose even as Persian Gulf exports recovered, averaging 15.7 million barrels a day in the week through Oct. 26.
Iran Military Options and Stalled Talks
The Wall Street Journal reported that Central Command chief Admiral Brad Cooper briefed President Donald Trump on Thursday. Defense Secretary Pete Hegseth and other senior officials joined the White House meeting.
The talks covered the U.S. blockade and the chance of renewed major combat operations. Trump said Wednesday that āanythingās possibleā when asked about more attacks.
Trump has signaled that strikes could follow the November 3 midterm elections. The U.S. also told several Gulf Arab countries to prepare for a short, intense campaign, the Journal reported.
Trump has not made a final decision on renewed strikes. Diplomatic efforts are continuing at the same time.
Vice President JD Vance sent a message to Mohsen Rezaei, secretary of Iranās Supreme National Security Council. Iran has received it but has not responded, according to the Fars news agency.
Tehran has reportedly rejected a proposed settlement. Trump said Vance reached out to help Iran obtain medical supplies.
Attacks Add to Supply Worries
A tanker in the Strait of Hormuz was attacked by a small boat carrying two explosive devices, the United Kingdom Maritime Trade Operations said Friday. The strait is a vital route for global oil supplies.
Yemenās Houthi militants claimed attacks on Saudi sites, including the Ras Tanura and Rabigh refineries and a Saudi Aramco facility in Abqaiq. The claims could not be independently verified.
Saudi air defenses intercepted two ballistic missiles aimed at Riyadh on Thursday. Debris injured a Saudi citizen and damaged a home and a vehicle.
Shipping through the Gulf remains more dangerous and expensive. Higher insurance and freight costs are adding to the price of moving crude, the Journal reported.
U.S. commercial crude inventories fell by 1.9 million barrels to 410.6 million barrels in the week ended October 23, the Energy Information Administration said. Forecasts had called for a small increase.
Looking ahead, seven OPEC+ producers are scheduled to meet on Sunday. They will review market conditions and production policy.
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