Surging hostilities pushed Brent crude to $117.64 a barrel and West Texas Intermediate to $104.12 by the end of October. Supply fears expanded after Houthi militants launched strikes against Saudi facilities, including the Ras Tanura and Rabigh refineries and an Abqaiq production site. Meanwhile, Qatari mediators are visiting Tehran following outreach from Vice President JD Vance regarding medical aid and peace discussions. If the maritime threats escalate, analysts warn crude could climb to $120 a barrel.
Key points
President Donald Trump received military briefings on Iran, signaling that US airstrikes…: President Donald Trump received military briefings on Iran, signaling that US airstrikes against Tehran might restart after the midterm elections.
The United States ordered non-emergency personnel and their families to leave Saudi Arabi…: The United States ordered non-emergency personnel and their families to leave Saudi Arabia amid critical infrastructure threats.
Goldman Sachs cautioned that oil could surge to $120 a barrel if transit disruptions wors…: Goldman Sachs cautioned that oil could surge to $120 a barrel if transit disruptions worsen across regional waterways.
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Crude oil price this week
Brent crude futures for December delivery rose $2.76, or 2.4%, to settle at $117.64 a barrel after touching an intraday high of $118 on Friday. The more actively traded January contract gained $2.63 to $113.43 a barrel. US West Texas Intermediate (WTI) crude futures advanced $2.12, or 2.08%, to close at $104.12. For October, Brent gained 13.6%, while WTI advanced 15.2%.The gains followed a Wall Street Journal report that a senior US military commander had briefed US President Donald Trump on potential military options on Thursday. Trump has repeatedly indicated that he could resume airstrikes on Tehran after next week's midterm elections.
Security risks in the Strait of Hormuz came back into focus after an unidentified projectile hit a tanker on Thursday as it completed its outbound passage through the waterway, according to the UK Maritime Trade Operations (UKMTO). The incident highlighted the continuing threat to shipping, despite producers having resumed cargo movements through the strait.
The US has directed non-emergency government employees and their family members to…
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