Crude Oil Extends October Rally to 15%
Crude oil climbed toward $104 a barrel on Friday, the highest since a four-month high of $105.83 hit on September 15, as escalating geopolitical tensions raised concerns about potential supply disruptions. The rally followed reports that a senior US military commander had briefed President Donald Trump on options for renewed strikes against Iran, while Trump has repeatedly threatened further military action. Tehran, meanwhile, signalled that it would not soften its position on ending the conflict, despite confirming receipt of a letter from US Vice President JD Vance aimed at reviving peace negotiations. Tensions around the Strait of Hormuz also intensified after two separate tanker incidents. Elsewhere, Ukrainian forces reportedly struck a Russian refinery in the Samara region, while Moscow launched another overnight attack against Ukraine. The developments have reinforced concerns over global oil supply security, with the US benchmark gaining 15% in October.
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Crude oil climbed toward $104 a barrel on Friday, the highest since a four-month high of $105.83 hit on September 15, as escalating geopolitical tensions raised concerns about potential supply disruptions. The rally followed reports that a senior US military commander had briefed President Donald Trump on options for renewed strikes against Iran, while Trump has repeatedly threatened further military action. Tehran, meanwhile, signalled that it would not soften its position on ending the conflict, despite confirming receipt of a letter from US Vice President JD Vance aimed at reviving peace negotiations.
Tensions around the Strait of Hormuz also intensified after two separate tanker incidents. Elsewhere, Ukrainian forces reportedly struck a Russian refinery in the Samara region, while Moscow launched another overnight attack against Ukraine. The developments have reinforced concerns over global oil supply security, with the US benchmark gaining 15% in October.