Brent hits five-month high amid tensions around Iran — CNBC

Amid developments involving Iran and the Strait of Hormuz, Brent oil futures traded near their highest level since early May on October 23. As of 4:50 a.m. U.S. Eastern Time, December Brent contracts were up 0.7% at $113.50 per barrel, while futures for U.S. West Texas Intermediate crude rose 0.8% to $100.24 per barrel, CNBC reports.

Oil price dynamics

Brent was heading for a weekly gain of 3.3%, which could become the third consecutive week of rising prices. At the same time, WTI could end the week down 1.1%, interrupting a two-week advance.

Traders are monitoring developments in the Middle East. U.S. President Donald Trump on October 22 accused Iran of trying to raise oil prices ahead of the U.S. midterm elections. In a Truth Social post, he also said that Tehran was allegedly fabricating reports about vessels being hit and mines in the Strait of Hormuz.

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Reports of incidents in the Gulf

Iran's Islamic Revolutionary Guard Corps said that four vessels had been hit and caught fire in the Persian Gulf. Another three vessels, it claimed, struck mines in the Strait of Hormuz. This was reported by the Iranian state-affiliated Tasnim agency; CNBC's report provides no independent confirmation of these claims.

It was also reported that the chief of staff of the Iranian army said that the country's military was fully prepared for “asymmetric warfare” after strengthening its capabilities.

In Saudi Arabia, Saudi Aramco, according to Reuters, allegedly told employees to evacuate its headquarters in Dhahran and switch to remote work following a series of attacks by Iran-backed Yemeni Houthis. According to CNBC, the Houthis have struck Saudi airports and some Aramco offices in recent weeks, resulting in several deaths.