Oil Climbs More Than 2% Friday as Middle East Attacks Intensify — WTI and Brent Finish Week Higher, October Gains Exceed 13%

According to the Korea Times, Brent's December contract settled at $117.64 a barrel, while U.S. West Texas Intermediate closed at $104.12.[1] The paper also reports that for October, Brent gained 13.6 percent and WTI rose 15.2 percent.[1]Reuters, via Central Oregon Daily, reports that the UKMTO, the British maritime security service, said a tanker in the Strait of Hormuz — the key sea outlet for Gulf crude and fuel supplies — was hit by explosive devices attached by a small boat.[2] Maritime sources told Reuters it was the first known successful strike using limpet mines[2] in the waterway since the war began in February.Reuters also reports that Yemen's Iranian-backed Houthi militants said on Thursday they had attacked several sites in Saudi Arabia, including the large Ras Tanura oil refinery[2].Saul Kavonic of MST Marquee told Reuters that "continued kinetic action around the Strait of Hormuz amidst doubts of a viable diplomatic pathway is keeping oil prices elevated"[2].CNBC, citing Reuters, reports that ExxonMobil and Chevron have cancelled plans for their executives to travel to the United Arab Emirates' biggest oil show next week[3].According to Reuters, Qatari mediators returned to Tehran on Friday as part of coordinated efforts to reach a deal between the US and Iran[2].The Korea Times reports that Libya's National Oil Corporation said a valve closure by an armed group on the Hamada pipeline had halted the flow of about 15,000 barrels per day.[1]