Oil Rises as US Signals Possible Renewal of Military Strikes on Iran

Oil climbed on signs the US may resume military strikes against Iran, threatening regional energy flows. West Texas Intermediate gained toward $103 a barrel after swinging more than $3 in the prior session, while Brent settled near $115. A top commander briefed President Donald Trump on military options on Thursday, the Wall Street Journal reported. Trump has repeatedly signaled he may restart airstrikes against Tehran after midterm elections next week. Iran's Parliament Speaker Mohammad Bagher Ghalibaf suggested Tehran's positions on ending the war will not be compromised. Brent has rallied 12% in October to a six-month high despite revived Middle East flows through the Strait of Hormuz. Shell CEO Wael Sawan said current prices no longer look temporary given depleted global inventories. ExxonMobil and Chevron earnings are due later Friday. In Israel, Prime Minister Benjamin Netanyahu's bloc won 53 seats, short of a majority.