Global oil prices climbed more than 2% on Friday, reaching their highest levels since late April, as an attack on a tanker in the Strait of Hormuz heightened concerns about disruptions to global energy supplies. Traders also remained cautious over the possibility of further escalation in the Iran conflict following the US midterm elections.
Brent crude futures for December delivery rose $2.76, or 2.4%, to settle at $117.64 per barrel, while the more active January contract gained $2.63 to reach $113.43. US West Texas Intermediate (WTI) crude increased by $2.12, or 2.08%, closing at $104.12 per barrel. For the month, Brent gained 13.6%, while WTI advanced 15.2%.
According to the UK Maritime Trade Operations (UKMTO), a small boat attacked a tanker in the Strait of Hormuz using explosive devices. The incident raised fresh concerns about the security of a critical shipping route that carries a significant share of global oil and fuel supplies. Authorities had not identified those responsible for the attack.
Meanwhile, security concerns increased across the Gulf after Yemen’s Houthi militants claimed attacks on Saudi energy facilities, including the Ras Tanura and Rabigh refineries and an Aramco production facility in Abqaiq. The US also ordered non-emergency government employees and their families to leave Saudi Arabia.
Diplomatic efforts to ease tensions continued, with Qatari mediators returning to Tehran to support negotiations between Washington and Iran. However, uncertainty over the outcome of the discussions continued to influence market sentiment.
Elsewhere, Libya’s National Oil Corporation reported a disruption to crude supplies after an armed group shut a valve on the main Hamada oil pipeline, halting the flow of approximately 15,000 barrels per day. Meanwhile, US oil production increased in August, although demand for crude and petroleum products declined.
