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

Oil climbed on Friday after a tanker was struck in the Strait of Hormuz, with Brent heading towards a fourth consecutive monthly advance. Business Recorder reported that December Brent rose $1.20, or 1.04%, to $116.08 a barrel, while the more actively traded January contract added $1.39 to $112.19. US WTI gained $1.37, or 1.34%, to $103.37.

For October, Brent was on track for an increase of nearly 11%, and WTI for a 14% rise. The UKMTO said explosive devices placed by a small boat hit the tanker, but responsibility was not immediately established. The attack added to concerns over crude and fuel shipments through the Gulf route amid the continuing US-Israeli war on Iran; market commentators also pointed to political and security uncertainty in the coming weeks.