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BackBrent crude oil tops $115, a five month high, as tensions build in the Middle East
Brent crude oil tops $115, a five month high, as tensions build in the Middle East
Developing
CNBC2 hours agoEnergy1 min read

Brent crude oil tops $115, a five month high, as tensions build in the Middle East

Oil prices climb as markets anticipate potential U.S. strikes on Iran and Houthi attacks on Saudi infrastructure continue.

brent crudeoil pricesiran

Quick Look

  • Brent crude reached a five-month high of $115.18 per barrel amid expectations of U.S. strikes on Iran.
  • Meanwhile, Houthi militants attacked the Shaybah oil field in Saudi Arabia, prompting Saudi Aramco to evacuate its Dhahran headquarters.

AI-generated summary

Why It Matters

The U.S. and Iran are experiencing heightened tensions, with reports of planned strikes following midterm elections. Houthi militants continue to target Saudi oil infrastructure.

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Brent crude oil was trading at a five-month high on Friday, as investors increasingly expect the U.S. to resume strikes on Iran in the coming weeks.

Front-month Brent crude oil futures were 1.8% higher at $115.18 per barrel. U.S. West Texas Intermediate crude futures were up 2% to trade at $101.56 a barrel.

Iran's army chief, meanwhile, said the country's military is fully prepared for "asymmetric warfare" after strengthening its capabilities, according to the state media agency Tasnim.

Brent futures were on track for a weekly rise of about 5%, putting the contracts on course for their third consecutive week of gains. WTI futures were on track for a slight weekly gain of 0.3%.

President Donald Trump said Wednesday that the U.S. was not negotiating with Iran and something would happen "fairly soon." His cryptic remarks came as U.S. officials told The New York Times that the U.S. and Israel have plans for fresh strikes on Iran after the midterm elections.

Iran-allied Houthi militants have continued to strike Saudi Arabia. A drone attack targeting the Shaybah oil field Wednesday in the Eastern Region left two people dead and two injured.

Oil giant Saudi Aramco have told staff to evacuate its Dhahran headquarters and work remotely following a series of attacks by Iran-backed Houthi rebels, Reuters reported.

Open Questions

  • What is the specific timeline for potential U.S. strikes?
  • How will Saudi Arabia respond to the Shaybah oil field attack?

Related Topics

brent crude
PeopleDonald Trump
OrganizationsTasnimThe New York TimesSaudi AramcoReuters
PlacesShaybah oil fieldEastern RegionDhahran
Topicsoil pricesiransaudi arabiasaudi aramcohouthishaybah oil field
This article was originally published by CNBC.

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