Brent Crude Climbs Above $100 as Middle East Oil Supply Risks Persist
By Farhan Rafid
Oil prices rose Friday, with Brent crude climbing above $100 a barrel as traders weighed renewed security threats to Middle Eastern oil shipments following a sharp selloff earlier in the week.
Front-month Brent crude, the global oil benchmark, rose 2.1% to $100.34 a barrel. West Texas Intermediate, the U.S. benchmark, gained 1.6% to $92 a barrel.
The gains followed Thursday's rebound, when Brent settled nearly 4% higher after plunging more than 8% in the previous session. The earlier decline reflected growing expectations of a diplomatic resolution to the Iran conflict following the Democratic Party's victory in the U.S. midterm elections, according to MUFG.
The selloff appeared excessive, according to ANZ analysts. They also pointed to continuing tensions in the Middle East, including Saudi Arabian warnings of potential danger near the port city of Yanbu, a major Red Sea oil export hub.
Saudi Arabia's Civil Defense issued an alert Thursday warning of potential danger in Yanbu before saying that the danger had passed. The authority didn't specify the nature of the threat.
The warning drew attention to Saudi Arabia's Red Sea export route, which has become increasingly important as producers seek alternatives to shipping through the Strait of Hormuz. Attacks on shipping had complicated efforts to sustain a recovery in Gulf oil exports.
Write to Farhan Rafid at farhan.rafid@wsj.com
(END) Dow Jones Newswires
November 06, 2026 02:07 ET (07:07 GMT)
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