By Evgenia Filimianova

Oil prices rose on Friday and were on track for sharp monthly gains after fresh maritime security incidents in the Strait of Hormuz heightened concerns about Middle East energy supplies.

Brent crude futures for December, which expire on Friday, rose $2.26, or 2 percent, to $117.14 a barrel. The more active January contract gained $2.30 to $113.10.

U.S. West Texas Intermediate (WTI) crude futures climbed $1.94, or 1.9 percent, to $103.94 a barrel.

For October, Brent was on course to gain about 13 percent, while WTI was set for a monthly increase of roughly 15 percent.

The gains follow a series of security incidents reported on Thursday in and around the Strait of Hormuz, one of the world’s most important oil shipping routes.

The UK Maritime Trade Operations (UKMTO) said a tanker was struck by an unknown projectile while leaving the Strait of Hormuz. The company operating the vessel reported no crew injuries or environmental damage, while authorities continued to investigate.

In a separate incident, UKMTO said another outbound vessel was on fire about 25 nautical miles northeast of Khasab, Oman. The cause of the blaze, the condition of the crew, and the extent of any damage remained unknown.

Earlier on Thursday, Maritime Trade Operations reported that a dhow caught fire following what it described as a maritime security incident about nine nautical miles north of Khasab.

Regional authorities later confirmed the vessel had listed and sunk after the blaze, but said all crew members had been safely evacuated.

UKMTO advised vessels transiting the area to exercise caution and report any suspicious activity while investigations continue.

Market Interruptions

The latest incidents add to months of repeated attacks on commercial shipping in and around the Strait of Hormuz since the onset of the Iran war in February.

The waterway carries roughly one-fifth of global oil and is a critical route for crude oil and liquefied natural gas exports from Gulf producers.

Analysts said the disruption was increasing concerns that energy exports could face further interruptions as winter approaches.

“European natural gas prices rallied further yesterday, with TTF settling 4.85 percent higher,” Warren Patterson, head of commodities at ING, wrote in a Thursday market note.

He said prices had climbed above 100 euros ($111.4) per megawatt-hour for the first time since 2022, with “little sign of imminent relief in Persian Gulf LNG flows.”

Patterson added that “the outlook appears more dire amid the risk of renewed U.S. strikes on Iran following the U.S. midterm elections next week.”

He also said QatarEnergy had reportedly extended force majeure declarations for several buyers until the end of the year, while unplanned outages in Norway and forecasts for colder weather across northwest Europe were adding to supply concerns.

European Union gas storage facilities are currently just below 75 percent full, according to the note, with more sustained seasonal withdrawals expected as temperatures fall.

Wider Conflict, Diplomatic Efforts

The latest shipping incidents followed renewed attacks linked to Yemen’s Iran-backed Houthis and Saudi Arabia.

In a statement issued on Thursday, the Houthis said they had carried out six military operations against targets in Saudi Arabia, including the Ras Tanura and Rabigh oil refineries, the Abqaiq Aramco facility, King Khalid International Airport in Riyadh, King Fahd International Airport in Dammam, and military positions in Najran.

Saudi coalition spokesman Turki Al-Malki said coalition air defenses had intercepted and destroyed ballistic missiles launched by the Houthis toward Riyadh and western Saudi Arabia over the past two days.

The escalation comes as Yemen has become another front in the wider conflict between Iran and the United States and its regional allies.

Diplomatic efforts aimed at preventing a broader regional war are ongoing. High-level delegations from Saudi Arabia, Pakistan and Turkey met Iranian officials in Tehran on Monday to discuss regional security.

The parties agreed to continue discussions on expanding cooperation, although no timetable for future meetings was announced.

Qatari mediators also visited Tehran this week, working in coordination with the United States to reduce tensions.

Pakistan and Qatar had previously helped broker a June agreement that led to Iran reopening the Strait of Hormuz to commercial shipping and launched broader negotiations over Tehran’s nuclear program.

The ceasefire collapsed on July 8 after U.S. President Donald Trump declared it over and ordered strikes, accusing Iran of attacking ships in the strategic waterway.

Trump said on Wednesday that Vice President JD Vance’s recent outreach to Iran was intended to help facilitate medical supplies after reports that Vance had written to Tehran’s senior security leadership seeking to revive peace negotiations.

Iran has acknowledged receiving the letter but has not yet responded, according to the semi-official Tasnim news agency, which said Tehran expects Washington to meet its conditions before negotiations can advance.

Reuters and The Associated Press contributed to this report.