Front-month Brent crude futures rose 1.1% to $114.49 per barrel, putting the contract on track for a third consecutive weekly gain of 3.3%. US West Texas Intermediate crude climbed 1.6% to $101.04 a barrel, though it was heading for a small weekly decline.
The price moves came as traders assessed a flurry of political and military developments. US President Donald Trump took to Truth Social to accuse Iran of lying about attacks on ships in the Strait of Hormuz. "Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election," he wrote, alleging Tehran was making up "fake hits, mines, and everything else."
Iranian state-affiliated Tasnim news agency, meanwhile, reported that the Islamic Revolution Guards Corps had said four vessels were struck and caught fire in the Persian Gulf, and a further three had hit mines in the Strait. Iran's army chief was separately quoted saying the country's military is fully prepared for "asymmetric warfare" after strengthening its capabilities.
On the Arabian Peninsula, Saudi Aramco reportedly told staff to evacuate its Dhahran headquarters and work remotely following a series of attacks by Iran-backed Houthi rebels, according to Reuters. The Houthis have launched strikes on Saudi airports and some Aramco offices in recent weeks, resulting in multiple fatalities.