Brent crude touched $110 a barrel on Friday for the first time since May, and it settled at $109.86, while gold held a tight range near $4,170. Reuters said Brent rose $3.94, or 3.7%, to the highest close since 19 May. U.S. West Texas Intermediate rose $3.44, or 3.5%, to $101.41, the highest since 17 September. On the week, Brent gained 4.9% and WTI gained 10.4%. The move reverses the dip we reported on 12 October, when an unconfirmed energy truce had Brent back near $104.
Hormuz, Yanbu and a Russian refinery
Energy Aspects said prices reversed earlier losses as escalation fears returned, including unverified reports of possible attacks on Saudi energy infrastructure and talk that Iran could be preparing a strike. A Saudi-led coalition said it intercepted a ballistic missile aimed at Yanbu, the Red Sea port Saudi Arabia uses to move oil around the Strait of Hormuz. Rapidan Energy Group said early reports showed no damage to the port. Kpler said intensified Iranian attacks had already driven Gulf crude flows sharply lower, and it expects a slower recovery without a political deal. Ukraine struck Russia's Ryazan refinery on Thursday after President Volodymyr Zelenskiy said Kyiv was dropping an energy-site ceasefire announced by President Donald Trump. Two industry sources told Reuters that a primary crude unit at Ryazan had been suspended. The International Energy Agency agreed on Thursday to release more than 20 million barrels of fuel. The U.S. Energy Department also requested bids for an exchange of up to 17 million barrels from the Strategic Petroleum Reserve.
Gold near $4,170, silver the weak metal
CNBC TV18 said spot gold hovered near $4,170 on Friday and finished 0.1% lower at $4,168.49. Thursday's 1.6% jump, the sharpest in more than two weeks, faded as oil and longer-dated Treasury yields rose. Silver and palladium fell. Platinum rose 0.2%. A late exchange print put silver at $57.30, down 4.72%, while another tracker showed a smaller decline toward $57, so the size of the drop depends on the feed. Bullion is still about 20% below the late-February peak that followed the start of the Iran conflict. The offset for gold on Friday was Federal Reserve Chair Kevin Warsh in Bangkok, who did not signal a fresh tightening push. Rate-hike odds for this month fell from about one in three to roughly 15%, which we cover in the economy note. Bitcoin felt the same oil and rates mix: it held above $81,000 after dipping under $80,000.