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Oil Prices Rise as Investors Weigh Renewed US-Iran Conflict Risk After Midterms
Oil climbs as investors weigh renewed US-Iran military risk following the midterm elections.
Key points
- Brent crude futures rose 1.67% to $99.90 a barrel on Friday.
- Bob McNally of Rapidan Energy Group put the probability of military fighting resuming at 80%.
- Iran reported three additional attacks on oil tankers in the Strait of Hormuz on Thursday.
Why it matters. Renewed US-Iran fighting could threaten oil supplies from the Middle East, so crude prices may stay under upward pressure while diplomacy remains uncertain.
Oil prices rose Friday as investors weighed renewed military escalation between the U.S. and Iran after the midterm elections. Brent crude futures climbed 1.67% to $99.90, while U.S. West Texas Intermediate gained 1.43% to $91.69. Rapidan Energy Group's Bob McNally told CNBC he sees an 80% probability of fighting resuming, while Iran reportedly sent a nuclear proposal to Washington through Qatar.
Latest updates
Oil Prices Rise as Investors Weigh Renewed US-Iran Conflict Risk After Midterms
Oil prices rose on Friday as investors weighed the risk of renewed military escalation between the United States and Iran. The concern followed the US midterm elections. Traders also considered prospects for a diplomatic breakthrough that could ease tensions. The two competing risks left the market balancing supply fears against diplomacy. Oil remains sensitive to any developments in the Gulf region.