Oil Prices Surge to Four-Month Highs as U.S.-Iran Conflict Intensifies

TLDR

• Brent crude hit $109.97 a barrel this week, its highest since early May, before easing slightly to around $107.86
• U.S. and Iranian forces carried out some of their worst attacks on shipping near the Strait of Hormuz
• Iran and Gulf states are set to meet in Oman on Monday to discuss a Hormuz shipping deal
• Yemen’s Houthi group seized the port city of Mokha, tightening its grip on the Red Sea
• Brent and WTI futures are both up over 11% for the week, the sharpest weekly gain since mid-July

Oil prices had a volatile week, swinging between sharp gains and a late pullback on Friday after reports emerged that Iran and Gulf states may be close to a deal on Hormuz shipping.

Brent crude rose as high as $109.97 a barrel, its highest level since early May. West Texas Intermediate also pushed past $103 earlier in the week. Both benchmarks posted weekly gains of around 11% to 13%, the biggest weekly jump since mid-July.

By Friday, Brent had eased back to around $107.86 and WTI to $102.28, after the Financial Times reported that Gulf foreign ministers plan to meet Iran’s top diplomat on Monday in the Omani city of Salalah.

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