Brent crude slipped below $102 per barrel on Friday after two consecutive sessions of gains, as investors weighed the risk of renewed conflict between the US and Iran that could further disrupt Middle Eastern energy supplies. The Pentagon was reportedly considering deploying another aircraft carrier, along with 10,000 sailors and Marines, to the Persian Gulf, giving President Donald Trump additional options should he decide to escalate strikes on Iran. Trump has allegedly told aides he expects to resume bombing Iran after the November midterm elections.
The flare-up in tensions comes just as crude shipments from the Middle East have largely returned to prewar levels, though markets remain uncertain whether this recovery can be sustained without a durable agreement to end the conflict. At least three tankers were attacked this week while passing through the Strait of Hormuz, and Iran and its Houthi allies have also targeted refineries across the region.
