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

Business Recorder reported that oil prices climbed on Friday, putting Brent and US crude on course for a fourth monthly advance. December Brent rose 2.4% to $117.62 a barrel, while the more actively traded January contract reached $113.58; WTI gained 2.1% to $104.18. Brent was set for a monthly rise of nearly 14%, and WTI for a 15% increase.

A tanker was struck by explosive devices in the Strait of Hormuz, a route used to transport Gulf crude and fuel, according to the UKMTO. The attack’s perpetrators were not identified, while diplomatic efforts between Washington and Tehran continued. Analysts cited by the report pointed to the risk of further conflict and interrupted supplies, with elections in the United States and Israel adding uncertainty around oil markets.

The report also said Houthi militants claimed attacks on Saudi sites, including refineries and an Aramco production facility. ExxonMobil and Chevron executives cancelled plans to attend a major oil event in the UAE, while a Saxo Bank briefing said crude could remain in a higher price range after the conflict than before it.