Brent Crude Tops $117 as U.S.-Iran Tensions Fuel Market Worry

Brent crude rose above $117 a barrel Friday for the first time since April as renewed U.S.-Iran conflict concerns drove oil higher and unsettled broader financial markets.

The benchmark reached $117.45 during the session and closed at $116.72. It has gained more than 10% in October as expectations of a possible escalation pushed prices higher.

President Donald Trump on Friday suggested the United States might launch another military strike against Iran, while also saying the conflict could end soon. The prospect of renewed fighting remained a key concern for the oil market.

U.S. market indicators also moved higher: the five-year breakeven inflation rate reached 2.47%, and the 10-year Treasury yield rose to 4.99%. The S&P 500 fell 0.5% Friday as energy concerns spread across markets.

Iran’s Islamic Revolutionary Guard Corps said two supertankers carrying a combined total of more than 4.5 million barrels struck mines in the Strait of Hormuz. The claim had not been independently verified.