Brent crude climbed to $116 a barrel on Friday, its highest level since June 2022 and above the peak reached at the outset of the war, as expectations mounted that the US could resume strikes against Iran in the coming weeks. Prices are up about 5% this week, marking a third straight weekly gain.
Iran’s army chief said the country’s military was ready for asymmetric warfare following an upgrade of its capabilities. At the same time, President Donald Trump stated that Washington was not engaged in negotiations with Tehran and hinted that new developments could unfold soon. According to reports, US and Israeli officials have prepared plans for renewed strikes after the US midterm elections.
Regional tensions have also escalated as Iran-aligned Houthi militants continue to launch attacks on Saudi Arabia. In response, the US State Department has ordered non-essential personnel to leave the country. Saudi Aramco has reportedly told staff to evacuate its Dhahran headquarters and work remotely.
