HOUSTON: Oil prices rose on Friday 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, were up $2.287, or 2.5pc, at $117.75 a barrel as of 1:07pm EDT (1707 GMT), after touching a high of $118. The more active January contract gained $3.23 to $114.03.

US West Texas Intermediate (WTI) crude futures climbed $2.74, or 2.7pc, to $104.79.

For the month, Brent was on course to finish 13pc higher, while WTI was heading for a 15pc jump.

“Traders will remain focused on oil flows out of the Middle East and the likely escalation by US and allied forces,” said Dennis Kissler, senior vice president of trading at BOK Financial.

Published in Dawn, October 31st, 2026