Following the escalation of tensions, attacks on oil tankers and the possibility of new US attacks on Iran, the price of Brent crude oil reached $118 per barrel on Friday, November 8, with an increase of approximately 2.5% per day. The US West Texas Intermediate (WTI) crude oil index also rose about 2% and traded in the $104 range. The oil market is on track to register the fourth consecutive month of increase; Brent oil experienced an 11% price increase this month. The bullish trend strengthened after the World Bank warned that energy prices could reach the highest level in four years this year, and an increase of about a third.

Following the escalation of tensions, attacks on oil tankers and the possibility of new US attacks on Iran, the price of Brent crude oil reached $118 per barrel on Friday, November 8, with an increase of approximately 2.5% per day. The US West Texas Intermediate (WTI) crude oil index also rose about 2% and traded in the $104 range. The oil market is on track to register the fourth consecutive month of increase; Brent oil experienced an 11% price increase this month. The bullish trend strengthened after the World Bank warned that energy prices could reach the highest level in four years this year, and an increase of about a third.