Oil Prices Surge to One‑Month High Amid Iran‑Related Tensions Ahead of U.S. Midterms

West Texas Intermediate crude rose to $106.2 per barrel on Friday, its highest intraday level since mid‑September, before easing to $104.1. The spike followed Iran’s claim that mines struck four tankers on the southern route of the Strait of Hormuz, a day after U.S. Central Command (CENTCOM) declared the lanes clear. Iran’s Islamic Revolutionary Guard Corps (IRGC) rejected CENTCOM’s statement, demanding independent evidence. Meanwhile, Iran‑backed Houthi forces alleged six attacks on Saudi airports and oil facilities, including the Ras Tanura refinery. The market is watching the U.S. midterm election on November 3, after which renewed U.S. strikes on Iran are reportedly being considered. Polymarket odds suggest an 83% chance that a U.S.–Iran ceasefire will hold through the election, though the odds have fluctuated. Brent crude traded near $111.9, up 9.4% from a month earlier.