Drone footage of a fuel ship moored at the Baniyas oil terminal in Baniyas, Syria, on October 12, 2026.
Karam Almasri | Reuters
crude oil futures
Brent futures rose 3.3% for the week, marking the third consecutive week of upward trend. It was also trading at its highest price since early May.
WTI futures were down 1.1% for the week, on track for a second straight week of gains.
Traders continue to monitor developments in the Middle East.
On Thursday, US President Donald Trump accused Iran of lying about attacks on ships passing through the Strait of Hormuz.
“Iran is doing everything it can to raise oil prices before the US midterm elections,” he wrote on Truth Social. “They’re making up fake bullets and mines and everything else because there’s more oil coming through the Strait of Hormuz now than before the conflict started.”
Iran’s Islamic Revolutionary Guard Corps announced on Thursday that four ships had been attacked and set on fire in the Persian Gulf, and three more had struck sea mines in the Strait of Hormuz, Iran’s state-run Tasnim news agency reported.
Separately, Iran’s military commander was quoted as saying that the country’s military is well prepared for “asymmetric warfare” after strengthening its capabilities.
In Saudi Arabia, oil giant Saudi Aramco has ordered staff to evacuate its headquarters in Dhahran and work remotely following a series of attacks by Iran-backed Houthi rebels, Reuters reported.
The Houthis have launched attacks on Saudi airports and some Aramco offices in recent weeks, leaving several people dead.
