Oil jumps 2pc

Business Recorder reported that crude benchmarks rose on Friday, with Brent’s December contract gaining 2.4 percent to USD117.64 a barrel and US WTI advancing 2.08 percent to USD104.12. Brent touched USD118, while the more active January Brent contract added USD2.63 to USD113.43. Over October, Brent climbed 13.6 percent and WTI increased 15.2 percent.

Traders were watching for a possible widening of the Iran conflict after an attack on a tanker in the Strait of Hormuz raised concerns about supply routes. The report also cited Houthi claims of attacks on Saudi oil facilities, increased Saudi crude exports in October, and a Libyan pipeline valve closure that stopped about 15,000 barrels per day of flow. Oil prices could remain volatile around upcoming US midterm and Israeli elections, according to a Saxo Bank briefing.