Brent Crude Hits Five-Month High on Middle East Tensions
Brent crude climbed above $115 a barrel on Friday, its highest since May 4. Traders reacted to escalating attacks on Gulf energy targets.
4.4% weekly gain puts Brent on track for a third straight rise.
60% rise in Brent since US-Israeli strikes on Iran began Feb. 28.
Saudi Aramco evacuated its Dhahran headquarters amid fighting with the Houthis.
Seven vessels hit Thursday, Iran claimed, which would be a single-day record.
Why it matters: Fuel prices are a central issue heading into the US midterms. AJ Bell analyst Danni Hewson said high oil keeps inflation and rate-hike concerns in focus.
Gulf exports exceed prewar levels, but Hormuz traffic sits at 82% of prewar volume.
Right coverage, 2 sources: The right ties the price jump to midterm politics, including possible post-election Iran strikes and Trump's Russian diesel deal.
What’s next: The first Russian diesel tanker under Trump's sanctions waiver left Primorsk with nearly 300,000 barrels. It is due in New York around Nov. 7.
Trump and Netanyahu have publicly ruled out resuming the Iran war after their elections.
US-Russia-Ukraine talks are planned for November in Abu Dhabi, the Kremlin said.
What caused the oil spill off Umm Al Quwain, and which tanker was involved?
Will the Russian diesel shipments lower US fuel prices before or after the midterms?
Will Iran's claim of seven vessels hit be confirmed?
