Oil set for 4th straight monthly gains

Oil climbed to its strongest level since late April on Friday, with benchmark prices heading towards a fourth consecutive monthly advance, The Express Tribune reported. December Brent, whose contract expired that day, added $2.28, or 2.5%, to $117.75 a barrel by 1707 GMT after reaching $118. The more actively traded January Brent contract rose $3.23 to $114.03, while US WTI gained $2.74, or 2.7%, to $104.79.

For October, Brent was on course for a 13% rise and WTI for a 15% increase. Traders were weighing the possibility of a wider US-Iran conflict after the US midterm elections, alongside supply concerns highlighted by an attack on a tanker in the Strait of Hormuz. The UKMTO said explosive devices attached by a small boat struck the vessel; responsibility was not immediately known. The report also quoted BOK Financial trading executive Dennis Kissler on market attention to Middle East oil flows and possible escalation.