Two tanker incidents in the Strait of Hormuz, one Thursday night and the other Friday, came as Brent traded above $117 a barrel and stayed on pace for a fourth monthly gain.
The National reported that, at 11:32 a.m. ET (15:32 UTC), Brent stood at $117.56 a barrel, up 2.37%, while West Texas Intermediate (WTI) was $104.17, up 2.13%. Since the start of the week, Brent was 0.64% higher and WTI nearly 1% higher, the outlet reported. Brent was on track for an October advance of about 15%, with WTI headed for a gain of about 12%, it said.
Iran's Islamic Revolutionary Guard Corps (IRGC) said a tanker struck a naval mine Friday while using a route it described as unauthorized. The United Kingdom Maritime Trade Operations (UKMTO) agency said a small boat attached explosives to another tanker's hull Thursday night. UKMTO said no projectile was involved, correcting an earlier account.
U.S. President Donald Trump said Friday he believed the war with Iran would end soon but gave no details, The National reported. The outlet said Trump's earlier statement that Washington would not strike Iran before the Nov. 3 midterm vote prompted investors to prepare for possible attacks in the near term.
An official briefed on the talks told Reuters that Qatari mediators were back in Tehran Friday as the United States and Iran pursued an agreement. An Iranian official told The National that Tehran welcomed efforts to negotiate. Ryan McDaniel, president of Duncan Oil Company, told The National concern about a U.S. strike continued to support crude prices despite diplomatic efforts. The U.S. midterm vote is scheduled for Nov. 3.
