Brent Crude Oil traded above 120 USD/Bbl

Brent crude rose above $116 a barrel on Friday, reaching an over 4-year high as expectations grew that the US could resume strikes against Iran in the coming weeks. US President Trump said Wednesday that Washington was not negotiating with Tehran and that something would happen “fairly soon.” Reports indicate that the US and Israel are planning fresh strikes on Iran after the midterm elections. Meanwhile, Iran’s army chief said the country’s military was fully prepared for “asymmetric warfare” after strengthening its capabilities. Iran-allied Houthi militants have continued attacks on Saudi Arabia, prompting the US State Department to order non-essential personnel to leave the country. Oil giant Saudi Aramco also instructed staff to evacuate its Dhahran headquarters and work remotely following a series of attacks. On the week, brent crude prices rose more than 6%.

Brent crude rose to $116 a barrel on Friday, reaching its highest level since June 2022 and surpassing the peak recorded at the start of the war, as expectations grew that the US could resume strikes against Iran in the coming weeks. Prices have gained around 5% this week, marking a third consecutive weekly advance. Iran’s army chief said the country’s military was prepared for asymmetric warfare after strengthening its capabilities. Meanwhile, President Donald Trump said Washington was not negotiating with Tehran and suggested that developments could occur soon. US and Israeli officials have reportedly drawn up plans for renewed strikes after the US midterm elections. Regional tensions have also intensified as Iran-aligned Houthi militants continue attacks on Saudi Arabia. The US State Department ordered non-essential personnel to leave the country. Saudi Aramco has also reportedly instructed staff to evacuate its Dhahran headquarters and work remotely.

Brent increased to 115.44 USD/Bbl, the highest since June 2022. Over the past 4 weeks, Brent Oil gained 8.24%, and in the last 12 months, it increased 76.97%.