Oil climbs more than 2% as Iran war fears threaten supplies

Oil prices rose more than 2% Friday to their highest settlements since late April as traders weighed the risk of an escalation in the Iran war and a tanker attack in the Strait of Hormuz, according to The Korea Times.

The attack added to concerns about Middle Eastern oil supplies as traders anticipated possible escalation after the Nov. 3 U.S. midterm elections. Diplomatic efforts continued, but responsibility for the tanker attack was not immediately clear.

December Brent futures gained $2.76, or 2.4%, to settle at $117.64 a barrel, according to The Korea Times. U.S. West Texas Intermediate futures rose $2.12, or 2.08%, to $104.12. Brent gained 13.6% for the month, while WTI advanced 15.2%.

The December Brent contract expired Friday after reaching $118 during trading. The more actively traded January contract finished at $113.43 a barrel, up $2.63.

UKMTO reported that explosive devices attached by a small boat struck a tanker in the Strait of Hormuz. Maritime sources described it as the first known successful limpet-mine attack there since the U.S.-Israeli war with Iran began in February, the newspaper reported. The attackers were not immediately identified.

Houthi militants claimed attacks on Saudi oil facilities at Ras Tanura, Rabigh and Abqaiq. Separately, the U.S. embassy in Riyadh said non-emergency government employees and their families had been ordered to leave Saudi Arabia effective Oct. 23 because of safety risks.

An official briefed on negotiations told Reuters that Qatari mediators returned to Tehran on Friday to pursue an agreement between the United States and Iran. Tasnim reported that Iran had received a letter from Vice President JD Vance but had not responded, according to The Korea Times.

Supply reports offered a mixed picture. Two of three ship-tracking companies reported higher Saudi crude exports in October than in September, according to The Korea Times. In Libya, the National Oil Corporation said an armed group shut a valve on the Hamada pipeline, stopping about 15,000 barrels a day from reaching the Zawiya refinery.