Oil Prices Surge As Trump Weighs Fresh Military Action Against Iran
(RTTNews) - Oil prices were sharply higher on Friday on signs the U.S. may resume military strikes against Iran.
Brent crude futures for January delivery jumped 1.6 percent to $112.57 a barrel and headed for another weekly gain amid Houthi attacks on Saudi infrastructure and fears that the Trump administration could resume strikes against Iran after the November 3 midterm elections.
WTI crude futures were up 1.6 percent at $103.63 a barrel amid heightened fears of supply disruptions.
Brent contract was on course to finish nearly 13 percent higher for the month, while WTI contract was heading for a 14 percent jump.
According to reports by the Wall Stret Journal and Axios, a senior commander had briefed U.S. President Donald Trump on potential military options for a possible resumption of major combat operations on Thursday.
In an update issued today, the United Kingdom Maritime Trade Operations (UKMTO) said that a tanker transiting the Strait of Hormuz was attacked with two explosive devices attacked to its hull by a small boat, causing a fire in the engine room that temporarily disabled the vessel. It was not immediately clear who was behind the attack.
On Thursday, the Houthis said they had attacked several sites in Saudi Arabia, including Ras Taura oil refinery, the largest in the kingdom, the Rabigh refinery, and an Aramco production facility in Abqaiq, as well as King Khalid International Airport in Riyadh and King Fahd International Airport in Dammam.
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