Oil Set for Second Weekly Decline

Crude Oil increased to 103.96 USD/Bbl, the highest since September 2026. Over the past 4 weeks, Crude Oil gained 11.76%, and in the last 12 months, it increased 70.2%.

Crude oil prices climbed above $103 per barrel on Friday, hitting six-week highs amid concerns that the US could resume military strikes against Iran following reports that a senior commander had briefed President Donald Trump on potential military options. Trump has repeatedly warned that airstrikes on Tehran could resume following next week’s midterm elections. Meanwhile, Iranian officials confirmed that US Vice President JD Vance had sent a letter aimed at restarting peace negotiations. The US oil benchmark has gained more than 10% in October as the US-Iran conflict continues, while clashes involving Saudi Arabia and Iran-backed Houthi forces have intensified. Threats to shipping through the Strait of Hormuz also remain high, with tankers continuing to come under attack. However, regional crude exports have rebounded to near prewar levels, as producers discreetly transport oil cargoes through the strategically important waterway.

Crude oil fell towards $101 a barrel on Thursday as markets weighed renewed diplomatic efforts to prevent further US military action against Iran. US Vice President JD Vance reportedly contacted Iranian officials, while Foreign Minister Abbas Araghchi said Tehran remained open to diplomacy. President Donald Trump confirmed communication with Iranian authorities, although he described the outreach as focused on medical supplies and acknowledged uncertainty over whether negotiations would succeed. Earlier, reports indicated that US officials advised regional allies to prepare for possible military operations after the November midterm elections. Meanwhile, Europe plans to release 42 million barrels of oil reserves over the next three months, including a substantial volume of diesel, as part of efforts to increase available supply and moderate energy costs.