Oil Prices Rebound Toward $100 as Gulf Tanker Attacks Renew Supply Fears

Oil prices are rising again, nearing $100 per barrel, as fears of renewed military escalation between the US and Iran return. Brent crude futures rose 1.31% to $99.58, while WTI gained 0.95% to $91.38 on Friday. Prices had plunged 8% on Wednesday after the Democrats' sweeping midterm election victory raised hopes for a quick end to the war. However, a surge in attacks on tankers in the Gulf and Strait of Hormuz has reignited supply concerns. Analysts call the rebound a technical recovery, noting that attacks in the vital shipping lane are unaffected by the election outcome. Iran reported three more tanker attacks on Thursday, with strikes continuing at near-record rates.