BRENT CRUDE REACHES FIVE-MONTH HIGH

Brent crude futures rose on Friday to their highest level since early May, as traders watched developments in the Middle East. Market quotes put the front-month contract at $113.50 a barrel, up 0.7%, while another market account rounded the price to $114. US West Texas Intermediate futures traded at $100.24 a barrel, up 0.8%. Brent was on course for a third consecutive weekly gain, with market figures putting its rise for the week at 3.3%.

US President Donald Trump accused Iran on Thursday of making false claims about attacks on ships passing through the Strait of Hormuz. “Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election,” he wrote on Truth Social. Iran’s Islamic Revolution Guards Corps said four vessels had been struck and caught fire in the Persian Gulf, and three others had hit mines in the Strait of Hormuz. Iran’s army chief said its military had strengthened its capabilities and was fully prepared for “asymmetric warfare”.

Saudi Aramco reportedly instructed staff to leave its Dhahran headquarters and work remotely following attacks by Iran-backed Houthi rebels. The Houthis have struck Saudi airports and Aramco offices in recent weeks, with multiple fatalities reported. Market accounts linked the rise in oil prices to concerns about supplies from the Middle East. They put West Texas Intermediate futures on course for a 1.1% weekly fall, ending two weeks of gains, while Asian shares fell on Friday.