FX.co ★ Brent Crude Approaches War-Driven Highs

Brent crude climbed toward $112 a barrel on Thursday, nearing the four-year peak of $114.44 last seen on May 4, as worries mounted over a possible escalation of conflict in the Middle East and renewed US strikes against Iran. According to reports, US and Israeli military planners have prepared options for a short, intensive campaign to be launched after next month’s midterm elections.

In a further sign of rising regional risk, Washington has ordered non-emergency US government staff and their families to leave Saudi Arabia, citing an uptick in attacks by Iran-aligned Houthi forces. Security concerns deepened following a series of deadly strikes on Saudi infrastructure, including a drone attack on the Shaybah oilfield.

Despite the heightened tensions, crude oil exports through the Strait of Hormuz have rebounded toward pre-conflict volumes, though some tankers are reportedly turning off their tracking transponders to avoid detection. By contrast, shipments of refined oil products remain limited, reinforcing anxieties over the robustness of global energy supplies.