Oil prices rise: Brent above 100 dollars per barrel

Oil prices rose Friday as investors weighed the risk of renewed military escalation between the U.S. and Iran following the midterm elections, alongside prospects for a diplomatic breakthrough.

Brent crude futures climbed 1.99% to $100.25 per barrel, while U.S. West Texas Intermediate crude futures gained 4.65% to $92.22 per barrel.

The price of Azerbaijani Azeri Light crude oil on a CIF basis at the Italian port of Augusta increased by $0.03, or 0.03%, compared to the previous figure, to $106.84 per barrel. The price of a barrel of Azeri Light crude on a FOB basis at the Turkish port of Ceyhan grew by $1.7, or 1.70%, to $101.60.

The rebound followed Wednesday’s extraordinary selloff, when Brent plunged $8.98, or 8.7%, to settle at $94.62. WTI shed $7.97, or 8.3%, closing at $88.12. Both benchmarks recorded their lowest settlements since August 31.

The gains came as investors assessed whether the conclusion of the U.S. midterm elections could pave the way for renewed actions against Iran, potentially threatening oil supplies from the Middle East.