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SINGAPORE: Oil prices rose on Friday \u2014 set for a fourth monthly gain \u2014 as an attack on \u200ca tanker in the Strait of Hormuz highlighted the continuing supply risks from the US-Israeli war on Iran, which has entered its eighth month.<\/strong><\/p>\n Brent crude futures for December , which expire on Friday, advanced $1.20, or 1.04%, to $116.08 a barrel as of 0323 GMT. The more-active January contract gained $1.39 to $112.19.<\/p>\n For the month, Brent was on course to finish nearly 11% \u200bhigher, while WTI was heading for a 14% jump. \u201cContinued kinetic action around the Strait \u200bof Hormuz amidst doubts of a viable diplomatic pathway are keeping oil prices elevated in expectation of an escalation of the conflict in coming weeks,\u201d said Saul Kavonic, head of energy research at MST Marquee.<\/p>\n On Thursday, the Houthis said they had attacked several sites in Saudi \u200bArabia, including its largest oil refinery, Ras Tanura, the Rabigh refinery and a production facility in Abqaiq owned by state company \u200bSaudi Aramco, while a Saudi-led coalition said it had intercepted a cruise missile launched by the Houthis towards the kingdom\u2019s western region.<\/p>\n US President \u200cDonald \u2060Trump said on Thursday that Vice President JD Vance had reached out to Iran to help the country get medical supplies, after US media reported Vance had written to Tehran\u2019s top security official to revive peace talks.<\/p>\n Iran has received a letter from Vance but it has not responded to it yet, the country\u2019s semi-official Tasnim news agency reported, while adding \u200bthat Tehran wants the US \u200bto meet its conditions \u2060and \u201cany position that contradicts this framework is unacceptable.\u201d<\/p>\n Amid the security concerns in the Middle East, ExxonMobil and Chevron have cancelled plans for their executives to travel to the United Arab Emirates\u2019 biggest oil \u200bshow next week, two sources familiar with the developments told Reuters.<\/p>\n Oil prices could become \u200beven more \u2060volatile in the next couple of weeks due to Israel\u2019s parliamentary election and the US midterm congressional vote, Ole Hansen, the head of commodity strategy at Saxo Bank, said at a media briefing in Singapore on Thursday.<\/p>\n Hansen said the heightened \u2060uncertainty made \u200bit difficult to forecast prices, but he expects crude to trade in \u200ba higher range of $70 to $90 a barrel, compared with the pre-war level of $60-$70, even after the conflict ends due to the risk of renewed \u200bhostilities and the need for inventory replenishment.<\/p>\n \u00a0<\/p>\n<\/div>\n
On Friday, a tanker in the Strait \u2060of Hormuz \u2014 the key sea outlet for Gulf crude and fuel supplies \u2014 was hit by explosive devices attached by \u200ba small boat, the UKMTO said. It was not immediately clear who was behind the attack.<\/p>\n