Oil Prices Hit Six-Month High After Iran Threatens Gulf Targets

Brent crude oil prices reached their highest level since April this week.

The international benchmark for oil trading closed the session at just over $116 per barrel on Friday. This figure represented a gain of more than 2.7 percent compared to the previous close. During intraday trading, the price briefly crossed the $117 mark before settling slightly lower. The surge reflects growing anxiety among global investors regarding the escalating conflict in the Middle East.

Iranian officials stated that their country would target oil facilities, undersea cables, data centers, and artificial intelligence infrastructure in the Gulf region if a new joint offensive by the United States and Israel begins. Richard Hunter, a broker at Interactive Investor, noted that the shift toward potential military action was enough to drive the immediate spike in prices. He observed that the conflict, initially seen as brief, has now entered its eighth month of sustained tension.

The regional situation deteriorated sharply on Wednesday when the Islamic Revolutionary Guards Corps claimed attacks on four commercial ships in the Strait of Hormuz. This waterway is a critical chokepoint for global oil shipments. Susannah Streeter, chief investment strategist at Wealth Club, warned that projectiles are still being fired at maritime traffic in the area. She added that fears are mounting that American and Israeli forces may target Iran’s energy infrastructure after the US midterm elections on November 3.

The US State Department ordered some diplomats and the families of US government employees to depart Saudi Arabia. The kingdom has faced continued attacks from Houthi rebels based in Yemen, which has intensified this week. Streeter pointed out that these developments add another layer of complexity to the regional security environment. The US is reportedly considering renewed strikes on Iran timed for after the midterm elections, signaling a move away from purely diplomatic solutions.

The current price of crude is part of a volatile trend that began in February. Before the war started, Brent crude traded at approximately $72 per barrel. By the end of April, prices had touched $126 per barrel. While current levels are below that April peak, they remain significantly higher than pre-war rates. Streeter also noted that Ukraine’s bombardment of Russian diesel refineries is adding further pressure to global supply chains, complicating an already unstable market for businesses and consumers worldwide.