Oil prices rose Friday as investors weighed the risk of renewed military escalation between the U.S. and Iran after the midterm elections, alongside prospects for a diplomatic breakthrough. Brent crude futures climbed 1.67% to $99.90 per barrel, while U.S. West Texas Intermediate crude futures gained 1.43% to $91.69 per barrel. Bob McNally, founder and president of Rapidan Energy Group, sees an 80% probability of military fighting resuming and forecasts that both oil benchmarks could climb above $100 a barrel. Hopes for a diplomatic resolution have also emerged after Iran reportedly sent a nuclear proposal to Washington through Qatar. Iran reported three additional attacks on oil tankers in the Strait of Hormuz, while data from the UK Maritime Trade Operations indicated that attacks on vessels were continuing at a near-record rate.
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