Crude oil climbed toward $104 a barrel on Friday, approaching its highest level since September 15, when it briefly hit a four-month peak of $105.83. The latest advance came as escalating geopolitical tensions stoked fears of potential supply disruptions.
The rally followed reports that a senior U.S. military commander had briefed President Donald Trump on options for renewed strikes against Iran. Trump has repeatedly signaled a willingness to pursue further military action, while Tehran has indicated it will not soften its stance on ending the conflict, even after confirming receipt of a letter from U.S. Vice President JD Vance intended to revive peace talks.
Tensions in the Strait of Hormuz deepened after two separate tanker incidents, further heightening market anxiety over a key chokepoint for global crude shipments.
Beyond the Middle East, Ukrainian forces reportedly targeted a Russian refinery in the Samara region, while Moscow carried out another overnight attack on Ukraine. These developments have added to investor concerns over the security of global oil supplies.
Against this backdrop, crude oil has gained 15% so far in October.
