Brent crude futures tagged $118 a barrel early Friday, touching a six-month high as more attacks on commercial vessels in the Strait of Hormuz and on Saudi energy assets raised concerns about a potential flare-up in the Gulf conflict after next week's US midterm elections.
President Trump continues to receive briefings on military options against Iran, according to a new Wall Street Journal report. Trump has signaled that a "brief Epic Fury" could resume after Tuesday's midterm elections.
A letter sent this week from Vice President JD Vance to Iran's top leadership has not yet received a response. Tehran has maintained that any peace talks require the Trump administration to lift the blockade on Iranian oil and unfreeze Iranian funds.
"What is the price of oil? Eight months into the war with Iran, what should be a straightforward question has become surprisingly hard to answer," JPMorgan energy expert Natasha Kaneva wrote in a note. Kaneva's current model puts Brent around $94 a barrel, well below $118.
Brent crude futures for January delivery are making new highs this morning as buying continues to move up the curve.
"The world has far less protection against another supply interruption," Bloomberg reporter Rebecca Feng said.
Feng noted, "Global on-land oil inventories that could be readily drawn and used were near their lowest since at least 2016, according to the latest figures from the IEA." While data from ship tracker Kpler show Gulf export volume
