Oil jumps 2%, settles at six-month highs on fears of escalation in Iran
USO•USO•USO•USO•Oil prices rose more than 2% on Friday, settling at their highest levels since the end of April as traders weighed potential escalation in the Iran war and supply risks. Brent gained 13.6% in October and WTI rose 15.2%.
Brent December futures settled up $2.76, or 2.4%, at $117.64 a barrel, while the more active January contract gained $2.63 to $113.43. U.S. West Texas Intermediate settled up $2.12, or 2.08%, at $104.12.
A tanker in the Strait of Hormuz was hit by explosive devices attached by a small boat, the UKMTO said. It was not immediately clear who was behind the attack. The strait is a key sea outlet for Gulf crude and fuel supplies.
The U.S. ordered non-emergency government employees and their families to leave Saudi Arabia effective October 23, citing safety risks. Saudi crude exports rose in October from September, according to two ship-tracking companies, while Libya’s National Oil Corporation said a pipeline valve closure halted about 15,000 barrels per day of crude flow.
