WASHINGTON (dpa-AFX) - Rebounding from the decline in yesterday's session, crude oil prices have soared on Friday as supply disruption concerns increase. Iran is yet to respond to the U.S. call for negotiations before U.S. forces start off their planned short but intense attack on Iran by next week, as suggested by several media reports.
WTI Crude Oil for December delivery was last seen trading up by $2.39 (or 2.34%) at $104.39 per barrel.
Yesterday, the Wall Street Journal reported that U.S. Central Command Chief Admiral Brad Cooper, who is overseeing the Middle East operations, met U.S. President Donald Trump at the White House, reportedly to present the available military options against Iran.
U.S. Defense Secretary Pete Hegseth and Joint Chiefs Chairman Dan Caine were present in the meeting.
Concerns of re-escalation in the gulf region continued to accelerate.
Last Friday, the New York Times reported that the U.S. and Israel are preparing for a joint military campaign against Iran after the November 3rd U.S. mid-term elections. The operation is said to target Iran's nuclear facilities and missile and drone capabilities.
A separate open-source report tracking flights stated that more than 10 U.S. military transport aircrafts have landed at airbases in Israel.
On Monday, CNN reported that U.S. forces are readying for a big-scale attack against Iran.
On Wednesday, the Wall Street Journal reported that the U.S. military was sending a Patriot battery from Texas to strengthen its air defenses in the region.
Leaders of both nations have been sending conflicting signals on peace and war.
While Trump acknowledged ongoing talks with Iran, he also emphasized that he was doubtful if it would yield results.
In Iran, Supreme Leader Mojtaba Khamenei stated that the conditions put forth by Iran must be fulfilled for any negotiations to succeed.
Iran's Foreign Minister Abbas Araghchi remarked that while Iran is willing to allow diplomacy a chance, its army is well-prepared to combat any attack and defend the motherland.
Leadership from both sides have expressed conflicting comments over their options on war and peace.
U.S. Vice President JD Vance wrote a letter to Iran's military chief urging Iran to come to official discussions.
Reportedly, Vance wants to prevent a renewed conflict in the gulf. He also wants to persuade Trump to offer more time for diplomatic channels to achieve their goal and halt the planned attacks.
Qatar, which has been leading the mediatory efforts of the regional neighbors of Iran, with the support from Saudi Arabia, Egypt, and Turkey, is working to convince Iran to allow U.N. inspectors to visit Iran's nuclear sites.
A delegation from Qatar visited Iran on Sunday to offer a proposal and coordinate peace talks. Today, the mediatory group is visiting Iran again.
Iran's Islamic Revolutionary Guards Corps claimed that four vessels that violated Iran's protocol for shipping across the Strait of Hormuz hit sea mines planted by Iran and caught fire.
Iran is showing no tangible signs of softening its hard stance.
Iran has not spoken out on its demands or concessions it is seeking in specific terms. Further, Iran has been unresponsive to Vance's call for recommencing discussions.
Meanwhile, Yemen's Iran-backed Houthi militant group claimed a fresh series of attacks on Saudi Arabia, especially on its oil infrastructure, including two refineries (Ras Tanura and Rabigh) and a facility at the Abqaiq oil field.
Houthi Spokesperson Yahya Saree announced hitting an Aramco facility in Buqayq. The Houthis also earlier targeted Saudi airports at Dammam and Riyadh.
The U.S.-Iran war, which began in late February, has entered its ninth month. Iran closed the Strait of Hormuz for international shipping.
The modest recovery seen in oil exports, helped by alternative routes, is now under the threat of dwindling again due to the threat of an expansive war in the gulf.
Reuters reported that this month alone, WTI crude oil saw gains of around 14%.
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