Energy futures reached multi-month highs on Friday as geopolitical unrest intensified across vital transit corridors. A maritime tanker in the Strait of Hormuz suffered a limpet mine attack, while Houthi strikes targeted major Saudi refineries in Ras Tanura and Rabigh. Compounding these Middle Eastern supply worries, an armed group in Libya disrupted roughly 15,000 barrels per day by shutting the Hamada pipeline. Meanwhile, Qatari mediators traveled to Tehran to pursue diplomatic talks following an outreach by U.S. Vice President JD Vance.
Key points
Maritime and refinery attacks have prompted the United States to order non-emergency gove…: Maritime and refinery attacks have prompted the United States to order non-emergency government personnel out of Saudi Arabia.
Localized disruptions spread beyond the Gulf as an armed faction halted 15,000 barrels pe…: Localized disruptions spread beyond the Gulf as an armed faction halted 15,000 barrels per day along Libya's Hamada pipeline.
Diplomatic discussions remain active as Qatari mediators returned to Tehran following com…: Diplomatic discussions remain active as Qatari mediators returned to Tehran following communications initiated by U.S. Vice President JD Vance.
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HOUSTON, Oct 30 : Oil prices jumped more than 2 per cent 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 per cent, 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 per cent, higher at $104.12.
For the month, Brent finished 13.6 per cent higher, while WTI rose 15.2 per cent.
"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.…
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