Oil Prices Head for Fourth Monthly Gain as Middle East Tensions Escalate

Crude oil prices were set for another weekly gain today, also extending their monthly rise to four months in a row amid continued fears of escalation in the Middle East and Houthi attacks on Saudi infrastructure. S. midterm elections. S. could resume strikes against Iran after the elections. S. and Israel are coordinating on those strikes, further fueling expectations of a return to hostilities.

According to Reuters, Brent crude has booked gains of 11% this month alone, with WTI adding even more, at 14%. Since the end of June, Brent has gained over $40 per barrel, and WTI has gone up by some $34 per barrel. Meanwhile, reports of attacks on tankers in the Strait of Hormuz continue at a steady pace, contributing to the bullish sentiment on oil markets.