Brent crude prices have risen to their highest level in over six months as concerns grow about renewed US military action against Iran and potential retaliatory attacks on Gulf infrastructure.
Brent crude, the international benchmark for oil, rose by about 3.5% on Friday to reach $117 a barrel, its highest level since April. The increase followed reports that Iran threatened to attack oil facilities, undersea cables, datacentres, and AI infrastructure in the Gulf region if a new US-Israeli offensive was launched against Iran.
Tensions in the region have been rising, with Iran’s Islamic Revolutionary Guards Corps claiming to have struck four commercial ships in the Strait of Hormuz on Wednesday. The US State Department also ordered some diplomats and families of US government employees to leave Saudi Arabia, which has faced continued attacks from Houthi rebels in Yemen.
Why it matters
The price increase affects global energy markets and highlights the vulnerability of Gulf infrastructure to potential conflict.
This section reflects Dumpling editorial interpretation and is provided for context only.
What to watch
The outcome of the US midterm elections on 3 November and any subsequent military decisions regarding Iran.
This section reflects Dumpling editorial interpretation and is provided for context only.