Crude oil futures ticked higher on Friday, with global benchmark Brent crude hovering at a five-month high.
By 4:50 a.m. ET, front-month Brent crude oil futures were 0.7% higher at $113.50 per barrel. U.S. West Texas Intermediate crude futures were up 0.8% to trade at $100.24 a barrel.
Brent futures were on track for a weekly rise of 3.3%, putting the contracts on course for their third consecutive week of gains. They were also trading at their highest since early May.
WTI futures were on track for a weekly decline of 1.1%, putting the contracts on course to snap two consecutive weeks of gains.
Traders are continuing to monitor developments in the Middle East.
On Thursday, U.S. President Donald Trump accused Iran of lying about attacks on ships transiting the Strait of Hormuz.
"Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election," he wrote on Truth Social. "They are even making up fake hits, mines, and everything else, because more Oil is coming through the Hormuz Strait now than it did even prior to the beginning of the Conflict."
Iran's Islamic Revolution Guards Corps said Thursday that four vessels had been struck and caught fire in the Persian Gulf, according to the Iranian state-affiliated Tasnim news agency, while a further three had struck mines in the Strait of Hormuz.
Separately, Iran's army chief was reported to have said the country's military is fully prepared for "asymmetric warfare" after strengthening its capabilities.
In Saudi Arabia, oil giant Saudi Aramco reportedly told staff to evacuate its Dhahran headquarters and work remotely following a series of attacks by Iran-backed Houthi rebels, Reuters reported .
The Houthis have launched strikes on Saudi airports and some Aramco offices in recent weeks, resulting in multiple fatalities.
