Oil prices experienced a significant rise today, with the market poised to record gains for the fourth consecutive month amid growing investor concerns over a potential escalation of tensions between Washington and Tehran following the U.S. midterm elections. This development
coincided with an attack on a tanker using explosive devices attached to a small boat in the Strait of Hormuz, highlighting the risks threatening oil and fuel supplies through this vital waterway. By 13:39 Moscow time, December futures for Brent
crude rose by 2.62% to $117.40 per barrel, having earlier surpassed $118, marking the highest level since April 30. Similarly, December futures for West Texas Intermediate crude increased by 1.99% to $104.03 per barrel. On a monthly basis, Brent is
set to gain around 13%, while the U.S. crude approaches a 15% increase. The head of commodity strategy at Saxo Bank noted rising anxiety in the oil market as the midterm elections approach, anticipating a possible resumption of U.S. attacks
on Iran post-elections. The British Maritime Trade Operations reported the tanker attack in the Strait of Hormuz but has not yet identified the responsible party. The energy research chief at MST Markit stated that ongoing military activities in the strait,
coupled with the absence of a clear diplomatic path, are keeping oil prices elevated amid expectations of conflict escalation in the coming weeks.
