Brent Crude Tops $100 As Tanker Attacks In West Asia Rattle Energy Markets

Global crude oil prices climbed for a second consecutive session on Friday, Nov 6, as fresh tanker attacks and continuing tensions involving the US, Israel and Iran raised concerns about energy supplies.

Brent crude rose 1.6% to $99.95 per barrel, while West Texas Intermediate (WTI) gained 1.3% to $91.70.

The rally followed Thursday's gains, when Brent settled at $98.29, up $3.67, and WTI closed at $90.52, gaining $2.40.

Both benchmarks had earlier fallen more than 8%, reaching their lowest levels since Aug 31.

According to UK Maritime Trade Operations (UKMTO), at least five tanker incidents have occurred since Sunday. October witnessed attacks involving 35 vessels, the highest monthly total since the conflict began.

US President Donald Trump said Thursday that Iran could not pursue nuclear activities without Washington's approval.

He also indicated that further military action against Tehran remained under consideration.

Eurasia Group warned that renewed escalation could push Brent crude towards $110 to $125 per barrel, Reuters reported.

Iranian Foreign Minister Abbas Araqchi held separate telephone discussions with his Saudi and Qatari counterparts about diplomatic efforts to improve regional stability.

However, disagreements between Washington and Tehran persist over sanctions, frozen assets and the US naval blockade.

Iran has demanded concessions before fully reopening the Strait of Hormuz.

Security concerns have also spread to Saudi Arabia, which warned of potential threats to Yanbu, its Red Sea oil export hub.

Yemen's Iran-aligned Houthi forces subsequently claimed an attack on King Fahd International Airport in Dammam, although Saudi authorities had not confirmed the claim.

The conflict has also become a domestic political issue in the US, where rising fuel costs and recent congressional election results have added pressure on the Trump administration.