Oil prices climbed to near six-month highs on Friday as the possibility of renewed U.S. military action against Iran raised concerns about a diplomatic resolution and the security of regional energy supplies.

Brent crude futures were up about 2.1% at $117.19 a barrel by 09:45 GMT, while West Texas Intermediate (WTI) rose 1.8% to $103.88. Brent reached $117.84 earlier in the session, its highest level since late April. Both benchmarks were on track for a fourth consecutive monthly gain of more than 10%.

U.S. Reviews Military Options

The Wall Street Journal reported that Admiral Brad Cooper, chief of U.S. Central Command, briefed President Donald Trump on Thursday. Defense Secretary Pete Hegseth and other senior officials also attended the White House meeting.

BREAKING: Trump administration plans to strike Iran directly after next week's US midterm elections, with CENTCOM commander Adm. Brad Cooper briefing Trump in a rare in-person meeting on military options at the White House today, per WSJ. Senior US officials say Cooper rarely… — The Hormuz Letter (@HormuzLetter) October 29, 2026

The post is available on X: https://x.com/HormuzLetter/status/2115919744696242591?ref_src=twsrc%5Etfw

According to the Journal, the discussions covered the continuing U.S. blockade and the possibility of renewed major combat operations. Trump said Wednesday that “anything’s possible” when asked about further attacks and has indicated that strikes could take place after the November 3 midterm elections.

The Journal also reported that the United States had told several Gulf Arab countries to prepare for a possible short, intense campaign against Iran. Trump has not made a final decision.

Diplomatic Efforts Continue

Vice President JD Vance has contacted Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, in an effort to restart negotiations. Mediators are also working on a possible framework to end the conflict.

Iran received Vance’s message but has not responded, according to the Fars news agency. Tehran has reportedly rejected a proposed settlement. Trump said Vance’s outreach was intended to help Iran obtain medical supplies.

Incidents Raise Supply Concerns

The United Kingdom Maritime Trade Operations said a tanker traveling through the Strait of Hormuz was struck by a small boat carrying two explosive devices. The waterway is a critical route for global oil shipments.

Yemen’s Houthi group claimed attacks on Saudi energy facilities, including the Ras Tanura and Rabigh refineries and a Saudi Aramco facility in Abqaiq. The claims could not be independently verified.

Saudi air defenses intercepted two ballistic missiles aimed at Riyadh on Thursday. Debris injured a Saudi citizen and damaged a home and a vehicle.

Persian Gulf oil exports averaged 15.7 million barrels per day in the week through October 26. That volume has at times matched or exceeded prewar levels, although shipping has become riskier and more expensive because of higher insurance and freight costs.

U.S. Inventories and OPEC+

U.S. commercial crude inventories declined by 1.9 million barrels to 410.6 million barrels in the week ended October 23, the Energy Information Administration said. Analysts had expected a small increase.

Seven OPEC+ producers are scheduled to meet Sunday to review market conditions and production policy.

The coming days offer several markers for how the standoff develops: Iran’s response to Washington’s outreach, Sunday’s OPEC+ meeting, and the window after the November 3 midterm elections that Trump has pointed to for any decision on military action.

Original source: https://coincentral.com/oil-prices-climb-near-six-month-high-as-trump-weighs-military-options-against-iran