Brent crude oil tops $116, a six-month high, as tensions swell in the Middle East — SkimNews
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- Brent crude hit $117.45 a barrel, its highest level since April 30, and was up 2.9% at $116.46 on Friday amid rising expectations of U.S. military action against Iran.
- U.S. West Texas Intermediate rose about 3.7% to $103.12 a barrel and was on track for a weekly gain of roughly 2%, extending a three-week rally in oil prices.
- Iran's army chief stated the country's military is fully prepared for 'asymmetric warfare,' according to state media Tasnim, following heightened regional tensions and U.S. threats.
- President Donald Trump said the U.S. is not negotiating with Iran and that 'something would happen fairly soon,' comments that coincide with reports of planned U.S.-Israel strikes after midterms.
- Houthi militants carried out drone attacks on Saudi Arabia, killing two at the Shaybah oil field and injuring ten in an attack on King Fahd International Airport in Dammam.
- Saudi Aramco instructed staff to evacuate its Dhahran headquarters and work remotely after a series of attacks by Iran-backed Houthi rebels, according to Reuters.
Why it matters: Oil prices are rising on concrete military threats and actual attacks, not speculation—Brent is up 6% weekly as Saudi infrastructure is hit and U.S. action looms. This raises immediate costs for global consumers and increases pressure on oil-dependent economies to respond to supply risks.
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