Brent crude rose 1% to $110.68 a barrel in early European trading Tuesday, back above $110 as persistent attacks on shipping in the Strait of Hormuz and Houthi strikes on Saudi Arabia keep the geopolitical risk premium elevated. WTI December contract gained 0.9% to $99.44 a barrel. Deutsche Bank analysts said a deal before the US midterms in two weeks is challenging, and investors are concerned the administration may escalate against Iran after the midterms, as Iran's increased strikes in Hormuz have slowed the increase in oil flows.
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