Oil Gains on Hormuz Shipping Threats, US-Iran Strike Fears

Oil prices rose in early European trading, with Brent December up 1.9% to $117.08 and WTI up 1.9% to $103.93, as persistent threats to shipping in the Strait of Hormuz and fears of renewed US military strikes against Iran kept geopolitical risk elevated. MUFG analysts said oil prices will see an upside skew until Middle East clarity emerges, with the period after next week's US midterms in focus for potential deterioration in regional security.