Crude Oil Hits 6-week High

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 Crude oil gaining 15% in October.

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.