A drone view shows a fuel vessel docked at the Baniyas oil terminal in Baniyas, Syria, Oct. 12, 2026.

Karam Almasri | Reuters

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Crude oil futures

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.…