Oil prices rise amid risk of escalation between the US and Iran — CNBC

Oil prices rose on Friday as investors assessed the risks of a new military escalation between the United States and Iran following the midterm elections in the United States, as well as the prospects for a diplomatic breakthrough. As CNBC reports, Brent crude futures rose by 1.67% to $99.90 per barrel. US WTI gained 1.43% to $91.69 per barrel.

Risks to Middle East supplies

Market participants assessed whether the end of the US midterm elections could pave the way for new action against Iran, potentially threatening oil supplies from the Middle East.

Bob McNally, founder and president of Rapidan Energy Group, said on CNBC that he estimates the probability of renewed military action at 80%. In his view, both oil benchmarks could exceed $100 per barrel.

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Talks and attacks on vessels

At the same time, Reuters, citing a senior Iranian official, reported that Iran had conveyed a proposal on its nuclear program to Washington through Qatar. This raised hopes for a possible diplomatic settlement.

Iran also reported three new attacks on oil tankers in the Strait of Hormuz on Thursday. Data from the UK Maritime Trade Operations service indicated that attacks on vessels continued at a near-record pace.