Oil Headed For Third Weekly Gain
(RTTNews) - Oil prices surged to a five-month high on Friday amid concerns over further disruption to energy supplies following Houthi strikes on Saudi oil infrastructure and Red Sea ports.
It is feared that the Iran war may escalate and potentially continue for a longer time than anticipated after the U.S. midterm elections on November 3, 2026.
Brent crude futures were up nearly 1 percent at $114.27 a barrel, marking the highest since the four-year high of $114.44 a barrel reached on May 4.
Prices remain on track for a third weekly gain as intensifying attacks on Saudi Arabia raised the risk of wider Middle East supply disruptions. WTI crude futures surged 1.7 percent to $101.11 a barrel.
Following weeks of Houthi attacks, Saudi Aramco on Thursday told remaining staff to evacuate from its headquarters. Non-essential staff had been working remotely since the headquarters in eastern Saudi Arabia was hit last week.
Recent media reports suggested that the U.S. and Israel have drawn up specific plans for renewed strikes on Iran after next month's midterm elections.
The proposed targets could include Iran's nuclear facilities, missile and drone capabilities, and energy infrastructure, according to a New York Times report.
U.S. President Donald Trump denied the U.S. is negotiating with Iran and said "something one way or the other" will "happen fairly soon."
