
Brent heads for third weekly gain while WTI faces decline as traders monitor Middle East developments and tanker attacks.
AI-generated summary
Geopolitical tensions in the Middle East have repeatedly impacted global oil shipping routes and market pricing.
Brent futures were on track for a weekly rise of 3.3%, putting the contracts on course for their third consecutive week of gains. They were also trading at their highest since early May.
WTI futures were on track for a weekly decline of 1.1%, putting the contracts on course to snap two consecutive weeks of gains.
Traders are continuing to monitor developments in the Middle East.
On Thursday, U.S. President Donald Trump accused Iran of lying about attacks on ships transiting the Strait of Hormuz.
"Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election," he wrote on Truth Social. "They are even making up fake hits, mines, and everything else, because more Oil is coming through the Hormuz Strait now than it did even prior to the beginning of the Conflict."
Iran's Islamic Revolution Guards Corps said Thursday that four vessels had been struck and caught fire in the Persian Gulf, according to the Iranian state-affiliated Tasnim news agency, while a further three had struck mines in the Strait of Hormuz.
Separately, Iran's army chief was reported to have said the country's military is fully prepared for "asymmetric warfare" after strengthening its capabilities.
In Saudi Arabia, oil giant Saudi Aramco reportedly told staff to evacuate its Dhahran headquarters and work remotely following a series of attacks by Iran-backed Houthi rebels, Reuters reported.
The Houthis have launched strikes on Saudi airports and some Aramco offices in recent weeks, resulting in multiple fatalities.

The Trump administration invoked Section 303 of the Defense Production Act to expand domestic fuel capacity as gas and diesel prices soar amid supply disruptions from the war against Iran.

Oil prices surged as reports suggest the U.S. is planning strikes against Iran post-midterm elections. Brent crude rose 3.3% to $112.37, while the U.S. ordered non-emergency staff to leave Saudi Arabia due to Houthi attacks.

Oil prices surged as reports emerged of U.S. plans for potential strikes against Iran. Brent crude rose 3.3% to $112.37, while the U.S. ordered non-emergency government personnel to evacuate Saudi Arabia due to regional security concerns.

Oil prices rose Thursday as Brent crude climbed 3.1% to $112.20 a barrel amid reports that the U.S. and Israel plan renewed strikes against Iran after upcoming midterm elections.

Oil prices remain volatile as attacks on tankers near the Strait of Hormuz and strikes on Saudi Aramco facilities by Houthi militants heighten supply concerns. Global shipping costs have surged, with Goldman Sachs reporting a sevenfold increase in freight rates.

The UK government approved drilling in the North Sea's Jackdaw gas field to boost energy security and protect jobs, drawing criticism from environmental groups over climate impacts.