Oil set for fourth monthly gain as Hormuz tanker attack highlights supply risks from war

Oil benchmarks advanced on Friday after a tanker was attacked in the Strait of Hormuz, renewing concern over crude and fuel shipments. Brent’s December contract rose 1.04% to $116.08 a barrel, while the January contract added $1.39 to $112.19; US WTI gained 1.34% to $103.37. Brent was on track for an almost 11% monthly rise and WTI for a 14% increase, according to The Express Tribune.

The UKMTO said explosive devices placed by a small boat struck the tanker, with responsibility not immediately established. The report also cited Houthi claims of attacks on Saudi oil facilities and continuing uncertainty over US-Iran diplomacy. Analysts cited by the publisher said conflict-related risks and upcoming political events could keep prices volatile, while one expected crude to remain in a higher range than before the war even after hostilities end.