Crude oil futures rose on Friday as geopolitical tensions in the Middle East continued to support prices, with Brent crude reaching a five-month high [1]. By 4:50 a.m. ET, Brent crude oil futures were up 0.7% at $113.50 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 0.8% to $100.24 per barrel [1]. Brent futures were on track for a weekly rise of 3.3%, marking the third consecutive week of gains and trading at its highest levels since early May, though WTI futures were set to decline 1.1% for the week, snapping two consecutive weeks of gains [1].
The price support stems from escalating U.S.-Iran tensions and regional security concerns. On Thursday, U.S. President Donald Trump accused Iran of fabricating attacks on ships in the Strait of Hormuz, stating: "Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election. They are even making up fake hits, mines, and everything else, because more Oil is coming through the Hormuz Strait now than it did even prior to the beginning of the Conflict" [1]. In response, Iran's Islamic Revolution Guards Corps reported that four vessels had been struck and caught fire in the Persian Gulf, while three additional vessels had struck mines in the Strait of Hormuz [1]. Iran's army chief stated that the country's military is fully prepared for "asymmetric warfare" after strengthening its capabilities [1].
Regional security concerns have intensified beyond U.S.-Iran dynamics. Saudi Aramco reportedly instructed staff to evacuate its Dhahran headquarters and work remotely following a series of attacks by Iran-backed Houthi rebels, who have launched strikes on Saudi airports and some Aramco offices in recent weeks, resulting in multiple fatalities [1]. The Strait of Hormuz remains a critical chokepoint for global oil supplies, with traders continuing to monitor Middle East developments that are supporting crude prices at elevated levels [1].
CONCLUSION
Crude oil prices surged to five-month highs amid escalating Middle East tensions, with Brent crude reaching $113.50 per barrel as geopolitical risks in the Strait of Hormuz—a critical global oil chokepoint—drove market concerns. The combination of U.S.-Iran confrontation, Iranian military posturing, and Houthi attacks on Saudi infrastructure created a risk premium that supported elevated oil prices despite some disagreement over the authenticity of reported incidents.