Oil prices hit 5-month high on US-Iran strike reports

rnz.co.nz —

Oil prices surged to their highest level since May on Friday, with Brent crude rising 4 percent to over $113 a barrel, following reports the US is planning renewed strikes on Iran after the midterm elections. The New York Times reported the Trump Administration has drawn up plans for military action, while the US has also ordered some non-emergency government staff to leave Saudi Arabia. Iran-backed Houthi rebels continue to target Saudi Arabia with missile strikes. Global oil peaked at $126 a barrel in April during the US-Iran war. New Zealand petrol prices typically lag global moves by one to two weeks, with 91 unleaded averaging $3.55 per litre and diesel at $3.18.


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