Maritime security risks reached critical levels after a vessel in the Strait of Hormuz suffered the first confirmed limpet mine strike since February. In North Africa, Libyan crude flows were curtailed by an armed group closing a vital transport valve between the Hamada field and the Zawiya refinery. Meanwhile, Houthi militants claimed strikes against major Saudi refining sites, even as domestic U.S. drilling activity saw a slight increase.
Key points
Crude markets are pricing in heightened risks of military escalation related to the Iran…: Crude markets are pricing in heightened risks of military escalation related to the Iran conflict after the U.S. midterm elections.
Critical regional infrastructure remains under severe threat from mine attacks in maritim…: Critical regional infrastructure remains under severe threat from mine attacks in maritime choke points and militant strikes against Saudi refineries.
Diplomatic outreach from Qatari mediators and U.S. officials has commenced, although Iran…: Diplomatic outreach from Qatari mediators and U.S. officials has commenced, although Iranian authorities have not issued a formal response.
Sources checked by our analysis pipeline: 1
"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.
HOUSTON: Oil prices rose on Friday (Oct 30) to their highest levels since the end of April, putting them on track for a fourth straight month of gains, 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 LCOc1, which expire on Friday, were up US$2.287, or 2.5 per cent, at US$117.75 a barrel as of 1:07pm EDT, after touching a high of US$118. The more active January contract LCOc2 gained US$3.23 to $114.03.
US West Texas Intermediate (WTI) crude futures CLc1 climbed US$2.74, or 2.7 per cent, to US$104.79.
For the month, Brent was on course to finish 13 per cent higher, while WTI was heading for a 15 per cent jump.
"Traders will remain focused on oil flows out of the…
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