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Oil prices reach six-month highs amid Middle East supply concerns

Economy · First reported 30 Oct, 02:27 · Updated 20:19

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

Oil futures rose on Friday as traders weighed possible conflict escalation and risks to crude shipments. Brent’s December contract settled at $117.64 a barrel, while WTI settled at $104.12.

  • Brent’s December contract rose 2.4% to $117.64 a barrel, and WTI gained 2.08% to $104.12; both settled at their highest levels since the end of April.
  • A tanker was struck by explosive devices in the Strait of Hormuz; responsibility was not immediately clear.
  • The report also cited attacks claimed by Yemen’s Houthis on Saudi sites, renewed diplomatic efforts between the US and Iran, and a halted Libyan pipeline flow of about 15,000 barrels per day.
Summary written by Lux AI from 2 articles

Key facts

Brent December settlement
$117.64 a barrel, up 2.4% on Friday.
WTI settlement
$104.12 a barrel, up 2.08% on Friday.
Brent monthly change
Up 13.6% for the month.
WTI monthly change
Up 15.2% for the month.
Hormuz tanker incident
A tanker was hit by explosive devices attached by a small boat; responsibility was not immediately clear.
Libya pipeline
A valve closure halted flow of about 15,000 barrels per day on the Hamada crude oil pipeline.

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