Brent crude hits $117 for the first time since April as US-Iran tensions 'on the verge of erupting'

BlockBeats news, October 24 - The situation in the Middle East continues to be tense, and international oil prices rose sharply on Friday. Brent crude oil hit an intraday high of $117.45 per barrel, breaking above $117 for the first time since April, and finally settled at $116.72, with a monthly gain of more than 10%.

The rise in oil prices was mainly driven by expectations that the US-Iran conflict may escalate again. On Friday, Trump hinted at the possibility of another military strike on Iran, while also saying the war could end soon. According to reports, the US and Israeli militaries have drawn up plans to strike Iran again after the US midterm elections in November, but Trump has not yet decided whether to approve them. Potential targets include Iran's missile and drone arsenals, energy infrastructure, and nuclear facilities.

At the same time, Iran's Islamic Revolutionary Guard Corps said that two supertankers struck mines in the Strait of Hormuz, carrying a combined total of more than 4.5 million barrels of crude oil. The claim has yet to be independently verified. Reuters also reported that Iran has drawn up plans to strike submarine communications cables in the Gulf region in response to a possible new round of attacks by the US and Israel.

The energy shock is spreading to financial markets. The US five-year breakeven inflation rate rose to 2.47%, the 10-year US Treasury yield rose to 4.99%, and the S&P 500 fell 0.5% on Friday. Analysts warned that if the conflict spirals out of control and causes severe damage to key oil infrastructure, international oil prices could further head toward $150 per barrel.