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Oil rises as traders weigh U.S.-Iran risk after midterms
Brent and WTI futures rose Friday as investors weighed a possible return of U.S.-Iran fighting after the midterms, CNBC reported, citing Rapidan Energy Group.
- New headline Was: “Oil prices rise as investors weigh renewed U.S.-Iran conflict risks after midterm elections”
- Our desk filed its story
Oil futures rose Friday as traders weighed whether the end of the U.S. midterm elections could bring a new round of U.S.-Iran military action that might disrupt Middle East supplies, CNBC reported1.
Brent crude futures were up 1.67% to $99.90 a barrel, and U.S. West Texas Intermediate futures were up 1.43% to $91.69, according to CNBC1.
Bob McNally, founder and president of Rapidan Energy Group, told CNBC's "Squawk Box Asia" he sees an 80% probability that fighting resumes and forecast both benchmarks could climb above $100 a barrel1.
CNBC said hopes for diplomacy also featured in the market, after it said Reuters reported, citing a senior Iranian official, that Iran had sent a nuclear proposal to Washington through Qatar1.
Iran reported three additional attacks on oil tankers in the Strait of Hormuz on Thursday, CNBC said, and data from the UK Maritime Trade Operations indicated attacks on vessels were continuing at a near-record rate1.
McNally told CNBC that President Donald Trump is determined to prevent Iran from obtaining a nuclear weapon, while he said the Iranian government is not willing to give up those capabilities, leaving what he called an escalation dynamic in place1.
CNBC said McNally's view is shared by other analysts, including Lombard Odier's Samy Chaar and Luca Bindelli1.
