Oil Rises, Heading for Fourth Consecutive Monthly Gain

Oil prices climbed today, on track to post gains for the fourth consecutive month. Investors are bracing for a potential escalation in the conflict between the United States and Iran following the U.S. midterm elections, while an attack on a tanker in the Strait of Hormuz has highlighted the supply risks stemming from this tension.

Brent crude futures for December delivery—which expire today, Friday—rose by $2.27, or 1.98%, to $117.15 per barrel. The more actively traded Brent contract for January delivery increased by $2.19 to $112.99 per barrel.

U.S. West Texas Intermediate (WTI) crude futures rose by $1.79, or 1.75%, to $103.79 per barrel (Reuters).

On a monthly basis, Brent crude is on track for a 13% gain, while U.S. crude is set to rise by 15%.