FX.co ★ Crude Oil Rises to 5-Week High

Crude oil rose above $102 a barrel on Friday, its highest level in five weeks, as expectations increased that the United States could resume strikes against Iran in the coming weeks. Prices are up about 3% this week, marking a third straight weekly gain.

Iran’s army chief said the country’s military is prepared for asymmetric warfare following a buildup of its capabilities. At the same time, President Donald Trump stated that Washington is not negotiating with Tehran and hinted that new developments could emerge soon. According to reports, US and Israeli officials have already drawn up plans for renewed strikes following the US midterm elections.

Regional tensions have further escalated as Iran-aligned Houthi militants persist in attacking Saudi Arabia. In response, the US State Department has ordered non-essential personnel to leave the country. Saudi Aramco has also reportedly instructed employees to evacuate its Dhahran headquarters and continue working remotely.