Crude Oil Climbs on Tanker Strikes Amid Weekly Slide

Key Moments

Brent crude futures rose 1.7% to 99.98 per barrel and WTI gained 1.3% to $91.67 per barrel in Asian trading as of 01:58 ET (06:58 GMT).
Despite the rebound, Brent was on track for an over 15% weekly drop, while WTI was heading for a 12% decline.
At least five vessels reported incidents around the Strait of Hormuz since Sunday, with attacks nearing October’s record of 35 reported vessel incidents.

Prices Rebound After Sharp Selloff

Oil futures advanced in Asian trading on Friday, supported by renewed security risks to tanker traffic in the Middle East, even as both major benchmarks remained poised for substantial weekly losses amid shifting expectations around the U.S.-Israeli war with Iran.

As of 01:58 ET (06:58 GMT), Brent crude futures for January delivery were up 1.7% at 99.98 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased 1.3% to $91.67 per barrel.

Both contracts had settled sharply higher on Thursday, with Brent ending nearly 4% stronger and WTI gaining 2.7%. Those gains followed a steep decline on Wednesday, when each benchmark slumped more than 8% to its lowest closing level since Aug. 31, as early readings from the U.S. midterm elections fostered hopes of stepped-up diplomatic efforts to resolve the conflict.

Weekly Performance Snapshot

Even with the latest rebound, both oil benchmarks were still headed for significant weekly losses as investors reconsidered how quickly any political shifts might translate into concrete outcomes for supply.

Contract	Latest Move (Asian session)	Latest Price	Indicative Weekly Change
Brent crude futures (January)	+1.7%	99.98 per barrel	Over -15%
WTI crude futures	+1.3%	$91.67 per barrel	-12%

The recovery in prices underscored persistent skepticism that political pressure alone would swiftly deliver a lasting agreement or a stable resumption of oil flows through the Strait of Hormuz, a key route for global energy shipments.

Escalating Maritime Risks in the Strait of Hormuz

Concerns over supply disruptions were amplified by fresh security incidents targeting maritime traffic. The United Kingdom Maritime Trade Operations (UKMTO) reported that at least five vessels had experienced incidents since Sunday, with the rate of attacks drawing close to October’s record tally of 35 reported vessel incidents.

The Islamic Revolutionary Guard Corps stated that two oil tankers and a tugboat caught fire in separate episodes after allegedly attempting to traverse unauthorized routes through the Strait of Hormuz.

Beyond the Strait, Saudi authorities issued alerts over potential threats near Yanbu, the country’s Red Sea oil export hub, amid continued attacks on the kingdom by Yemen’s Iran-aligned Houthi militants.

Political Shifts After U.S. Midterm Elections

The broader geopolitical picture remained unsettled in the wake of the U.S. midterm elections, which resulted in Democrats gaining control of both houses of Congress from President Donald Trump’s Republicans.

The outcome initially bolstered expectations that increased political pressure could speed up efforts to bring the conflict to an end, easing strains on energy supplies and fuel prices. However, the election result did not guarantee a diplomatic resolution.

Amid these developments, diplomatic contacts continued. Iran’s Foreign Minister Abbas Araqchi held separate telephone conversations with his Saudi and Qatari counterparts to discuss the latest progress in diplomatic initiatives aimed at promoting regional stability, signaling that communication channels remained open.

Supply Threats Extend Beyond the Middle East

Market worries over supply were not limited to the Middle East. Ukraine renewed attacks on Russian oil infrastructure, with the Ryazan refinery – described as one of Russia’s largest – appearing to have been struck in an overnight drone assault, according to Reuters video analysis.

These additional disruptions to Russian refining capacity added another layer of risk to the global oil supply outlook, contributing to the complex backdrop against which prices moved higher in the latest session while still reflecting deep weekly losses.