Oil prices have risen to their highest levels since the end of April, putting them on track for a fourth straight month of gains, as traders braced for a potential escalation in the Iran war after the US midterm elections, with an attack on a tanker in the Strait of Hormuz highlighting supply risks.
Brent crude futures for December, which expire on Friday, are up $2.287, or 2.5 per cent, at $117.75 a barrel as of 1707 GMT (10:07pm PKT), after touching a high of $118. The more active January contract has gained $3.23 to $114.03.
US West Texas Intermediate (WTI) crude futures climbed $2.74, or 2.7pc, to $104.79.
