Brent settled at $117.64 and WTI at $104.12 on Friday

Brent crude futures for December, which expired on Friday, 30 October, settled up $2.76, or 2.4%, at $117.64 a barrel after touching $118, Reuters reported. The more active January Brent contract gained $2.63 to $113.43. U.S. West Texas Intermediate (WTI) settled up $2.12, or 2.08%, at $104.12. Xinhua reported the same December-contract closes on the New York Mercantile Exchange and the ICE Futures Exchange in London.

Reuters said both benchmarks settled at their highest levels since the end of April. Over October, Brent rose 13.6% and WTI rose 15.2%, according to Reuters. FiscalHour reported Thursday's settlement, when Brent fell 44 cents to $114.88. A settlement is a market result, not a view on where the next one will be.

Reuters linked Friday's rise to fears of escalation in the conflict involving Iran. It cited UKMTO, the British maritime security service, as saying a tanker in the Strait of Hormuz had been hit by devices attached from a small boat. Reuters said it was not immediately clear who was responsible. The strait is the main sea route for crude and fuel shipped out of the Gulf.

Dennis Kissler, senior vice president of trading at BOK Financial, told Reuters that traders would stay focused on oil flows out of the Middle East. That is his comment on the market, not a price call. Reuters also reported that Qatari mediators returned to Tehran on Friday as part of efforts to reach a deal between the United States and Iran, and that the U.S. oil rig count rose by two.

This article reports settlement prices only. It is not investment advice and does not say whether oil futures or energy funds should be bought, held or sold.