FX.co ★ Brent Crude Approaches 4-Year High

Brent crude climbed above $113 a barrel on Friday, drawing closer to the four-year high of $116.72 reached on October 23, as escalating geopolitical tensions stoked fears of potential supply disruptions. The latest rally followed reports that a senior US military commander had briefed President Donald Trump on options for renewed strikes against Iran, amid Trump’s repeated threats of further military action. Tehran, for its part, indicated it would not soften its stance on ending the conflict, even after confirming receipt of a letter from US Vice President JD Vance intended to revive peace talks. Tensions in the Strait of Hormuz also intensified after two separate tanker incidents. Elsewhere, Ukrainian forces were reported to have struck a Russian refinery in the Samara region, while Moscow carried out another overnight attack on Ukraine. These developments have deepened concerns about global oil supply security, with Brent crude rising more than 15% in October.