- WTI front-month futures jumped 5.23% to about $109.08 per barrel and were on track for a ninth straight session of gains and a monthly rise of almost 20%.
- Brent crude for December delivery traded 1.65% higher at $111.36 per barrel, its highest level since May.
- Kpler data cited in the report shows at least 18 vessels have come under fire in the Strait of Hormuz over the past two weeks.
- Iran's Foreign Ministry said Tehran would respond to any American strike in equal measure or more forcefully, while Trump said earlier this month that U.S. forces will not attack Iran before the Nov. 3 midterm elections.
- PVM Oil Associates analyst Tamas Varga said the front-end WTI strength signals tightness as Middle East export volumes fall and U.S. crude regains export demand.
Quotes
“It is a reflection of falling export volumes from the Middle East as tanker attacks and Houthi strikes on Saudi oil infrastructure intensify”
“in equal measure, if not more forcefully”