Brent Oil Reaches a Six-Month High
Brent crude, the global benchmark, settled at $116.72 a barrel, its highest close since April 29, as traders priced in renewed U.S. strikes on Iran and Houthi attacks on Saudi Arabia continued. U.S. crude settled above $103.
Brent crude, the international oil benchmark, rose 3.1% to settle at $116.72 a barrel, its highest close since April 29. U.S. West Texas Intermediate crude gained 3.8% to settle at $103.27. Brent rose 6.2% over the week, its third straight weekly gain, and WTI rose 2%.
Traders increasingly expect the United States to resume strikes on Iran in the coming weeks, CNBC reported. President Trump said on Wednesday that the United States was not negotiating with Iran and that something would happen "fairly soon," and U.S. officials told The New York Times that the United States and Israel have plans for new strikes after the midterm elections. Iran's army chief said the country is fully prepared for "asymmetric warfare," the state news agency Tasnim reported.
Iran-allied Houthi forces have kept up attacks on Saudi Arabia, and the State Department has ordered all nonessential staff to leave the kingdom.
New York — The world's benchmark oil price closed at a six-month high as traders bet that the United States will resume strikes on Iran and as attacks on Saudi Arabia continued.
Where prices settled
Brent crude futures gained 3.1% to close at $116.72 a barrel, the highest settlement for the international benchmark since April 29, CNBC reported. U.S. West Texas Intermediate rose 3.8% to settle at $103.27. For the week, Brent gained 6.2%, its third consecutive weekly rise, and WTI rose 2%.
What traders are watching
Investors increasingly expect the United States to resume strikes on Iran in the coming weeks, according to CNBC. President Trump said on Wednesday that the United States was not negotiating with Iran and that something would happen "fairly soon," and U.S. officials told The New York Times that the United States and Israel have plans for new strikes on Iran after the midterm elections. Iran's army chief said the military is fully prepared for "asymmetric warfare" after strengthening its capabilities, Tasnim reported.
Attacks on Saudi Arabia
Iran-allied Houthi forces have continued to strike Saudi Arabia. A drone attack on the Shaybah oil field in the Eastern Region on Wednesday killed two people and injured two, and an attack on King Fahd International Airport in Dammam killed at least two and injured eight, according to Saudi state media. The State Department has ordered all nonessential personnel to leave Saudi Arabia, and Saudi Aramco told staff to evacuate its Dhahran headquarters and work remotely, Reuters reported.