For the first time since May: Brent crude jumps 4% to $113

Brent crude futures rose about 4% to around $113.1 per barrel for the first time since last May, amid concerns over oil supply disruptions in the Middle East and escalating attacks on energy facilities.

Brent crude futures rose about 4% to around $113.1 per barrel at Thursday's close, for the first time since last May. US crude futures also rose 2.3% to settle at about $99.4 per barrel. The price increase came amid ongoing uncertainty over global oil supplies, escalating tensions in the Middle East, concerns over tanker movements through the Strait of Hormuz and tensions in the Bab el-Mandeb strait in the Red Sea. The rise coincided with disruptions in the diesel market, amid continued attacks on energy infrastructure in Russia and Ukraine. US President Donald Trump said Wednesday evening that his country is not currently negotiating with Iran, adding that "things will happen soon one way or another." Western reports spoke of US-Israeli preparations to resume war on Iran, amid ambiguity over its timing, coinciding with the approaching US midterm congressional elections scheduled for November 3. In a development increasing concerns over energy supply security, Iran's Revolutionary Guard announced targeting 4 ships in the northern part of the Arabian Gulf, saying they were carrying out ship-to-ship oil transfers.

For the first time since May: Brent crude jumps 4% to $113