Brent crude oil rose to a six-month high on Friday, as investors increasingly expect the U.S. to resume strikes on Iran in the coming weeks.
Brent futures gained 3.1% to close at $116.72 a barrel, the highest settlement for the international benchmark since April 29. U.S. West Texas Intermediate added 3.8% to settle at $103.27 a barrel.
Iran’s army chief, meanwhile, said the country’s military is fully prepared for “asymmetric warfare” after strengthening its capabilities, according to the state media agency Tasnim.
Brent added 6.2% for the week, the third consecutive week of gains. WTI advanced 2% for the week.
Crude oil futures
President Donald Trump said Wednesday that the U.S. was not negotiating with Iran and something would happen “fairly soon.” His cryptic remarks came as U.S. officials told The New York Times that the U.S. and Israel have plans for fresh strikes on Iran after the midterm elections.
Iran-allied Houthi militants have continued to strike Saudi Arabia.The U.S. State Department has ordered all non-essential personnel to leave Saudi Arabia due to the strikes.
A drone attack targeting the Shaybah oil field Wednesday in the Eastern Region left two people dead and two injured, according to Saudi state media. At least two people were killed and eight injured in an attack on King Fahd International Airport in Dammam on Wednesday.
Oil giant Saudi Aramco have told staff to evacuate its Dhahran headquarters and work remotely following a series of attacks by Iran-backed Houthi rebels, Reuters reported.