Brent nears $117 as renewed US strike risk lifts oil
Why it matters: Traders are pricing in possible new disruption around Iran and the Strait of Hormuz even as cargo flows continue.
Oil prices rose Friday as traders reacted to signs the United States could resume military strikes against Iran, adding fresh risk to Middle East energy supplies. Brent crude for December approached $117 a barrel, while the more active January contract traded above $112. The move followed a Wall Street Journal report that a top commander briefed President Donald Trump on military options. The market also tracked security threats around the Strait of Hormuz after a tanker was hit by an unknown projectile during an outbound transit on Thursday. Prices have also drawn support from low inventories, tight refined-product supplies and earlier Ukrainian attacks on Russian processors.