Brent Briefly Tops $100 as Tanker Attacks Fuel Oil Rebound After Midterm Plunge
Brent crude briefly topped $100 a barrel early Friday before giving back gains, as fresh tanker attacks and U.S.-Iran tensions fueled a rebound from the midweek midterm plunge.
By about 4:38 a.m. ET, Brent futures were down 1.38% at $96.93 a barrel after jumping to almost $100 earlier in the session, while West Texas Intermediate fell 1.49% to $89.17, CNBC reported.
Brent had traded near $100.08 around 9:40 a.m. local time, with WTI near $91.72, extending Thursday’s rebound, Moneycontrol reported.
A Dow Jones energy roundup also flagged Brent climbing above $100 as Middle East supply risks persisted, Morningstar relayed.
The brief spike and reverse left prices well below Monday’s weekly highs above $110 for Brent and above $100 for WTI cited by CNBC, underscoring a volatile post-election week.
Midweek, oil had plunged more than 8% after the midterms as traders bet Democratic gains could speed an exit from the Iran conflict, with WTI settling near $88 and Brent near $94.62 in that session.
On Thursday, Brent jumped $3.67, or 3.88%, to settle at $98.29, and WTI added $2.40, or 2.72%, to finish at $90.52, Moneycontrol said.
Tanker Attacks and Forecasts
UK Maritime Trade Operations recorded at least five tanker incidents since Sunday, matching October’s rapid pace when 35 vessels were targeted — the highest monthly count since hostilities began, Moneycontrol reported.
Iran reported three additional attacks on oil tankers in the Strait of Hormuz on Thursday, while UKMTO data showed vessel attacks continuing at a near-record rate, CNBC reported.
President Donald Trump said Thursday that Iran cannot take nuclear actions without U.S. approval and that he is weighing further military action against accepting the status quo, Moneycontrol reported.
Bob McNally, Rapidan Energy Group founder and president, told CNBC’s “Squawk Box Asia” he sees an 80% probability fighting resumes and that both benchmarks could climb above $100, CNBC reported.
Goldman Sachs raised its forecasts, projecting Brent could average around $130 a barrel and spike to $140 in 2027 if Middle East output stays well below 2025 levels, Moneycontrol reported.
Iranian Foreign Minister Abbas Araqchi held separate calls with Saudi and Qatari counterparts on diplomatic efforts, while Tehran continues to seek blockade and sanctions relief and the release of frozen assets before fully reopening Hormuz, Moneycontrol said.
Saudi Arabia issued alerts Thursday warning of potential threats to Yanbu, its key Red Sea export hub, amid strikes by Iran-aligned Houthi forces.
Traders are balancing those supply threats against midterm-driven hopes for diplomacy, leaving Friday’s early $100 print short-lived as prices slipped back into the mid-$90s for Brent by the U.S. premarket window.
Whether the rebound holds will hinge on tanker security in Hormuz and the Red Sea and on any fresh signals from Washington and Tehran after the election.
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