Brent futures gained 3.1% to close at $116.72 a barrel on Friday, the highest settlement for the international oil benchmark since April 29.
By the numbers: Brent futures closed at $116.72 a barrel, up 3.1% and the highest settlement for the international benchmark since April 29. US West Texas Intermediate added 3.8% to settle at $103.27.
- Brent gained 6.2% across the week, its third consecutive week of gains. WTI advanced 2% over the same stretch.
The backstory: Investors increasingly expect the US to resume strikes on Iran in the coming weeks. US officials told The New York Times that Washington and Israel have plans for fresh strikes after the midterm elections.
- President Donald Trump said Wednesday that the US was holding no negotiations with Iran and that something would happen fairly soon, per CNBC.
- Iran's army chief said the country's military is fully prepared for asymmetric warfare after strengthening its capabilities, according to the state media agency Tasnim.
Zoom in: A drone attack Wednesday on the Shaybah oil field in Saudi Arabia's Eastern Region left two people dead and two injured, according to Saudi state media. An attack the same day on King Fahd International Airport in Dammam killed at least two people and injured eight.
Between the lines: Saudi Aramco told staff to evacuate its Dhahran headquarters and work remotely after the series of Houthi attacks, Reuters reported. The US State Department has ordered all non-essential personnel to leave the kingdom.
What's next: The strike planning that US officials described is tied to the midterm election calendar, and Houthi attacks on Saudi energy and aviation sites have continued through the week.
Why it matters: Crude prices set the floor under fuel, freight and airline costs, so a third straight weekly gain in Brent works its way into what households and businesses pay over the months that follow.
