Oil rises to $114 on Middle East supply fears despite Trump's output push
Oil prices rose Friday as escalating Middle East tensions heightened supply disruption fears, offsetting President Donald Trump's latest efforts to boost domestic fuel production. Brent crude for December delivery gained 0.4% to $113.64 per barrel, while West Texas Intermediate rose 0.56% to $100.02. Prices initially fell after Trump invoked a Cold War-era law to stimulate U.S. oil and gas production and refining, but reversed as geopolitical concerns dominated market sentiment. Tensions include Houthi attacks on Saudi facilities, threats to shipping through the Strait of Hormuz, and possible U.S.-Israel action against Iran. Analysts at ING said the rally is driven more by concerns about future supply than current fundamentals, with markets pricing a risk premium on potential escalation. Trump has blamed Iran for inflating prices before the November 3 midterm elections.