Crude oil prices climbed toward $103 per barrel on Friday, nearing a six-week high amid rising concerns that the United States could resume military strikes against Iran. The move followed reports that a senior commander had briefed President Donald Trump on potential military options, reinforcing Trump’s repeated warnings that airstrikes on Tehran could resume after next week’s midterm elections.
At the same time, Iranian officials confirmed that US Vice President JD Vance had sent a letter intended to restart peace negotiations. The US crude benchmark has already risen more than 10% in October as tensions between Washington and Tehran persist, while fighting involving Saudi Arabia and Iran-backed Houthi forces has escalated.
Risks to shipping through the Strait of Hormuz also remain elevated, with tankers continuing to face attacks. Even so, regional crude exports have rebounded to near prewar levels, as producers quietly move oil cargoes through the strategically vital waterway.
