![\"Oil](\"https:\/\/shipandbunker.cdn.speedyrails.net\/a\/img\/_asp_d6afe34881134d19842789dd7a5fe7d4.v.652.jpg\")
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\n\tMeanwhile, the U.S. continues to tout its energy security: File Image\/Pixabay.<\/p>\n
\u201c<\/p>\n \n\tReports that the US is considering renewed military strikes….was enough for the price to pop<\/p>\n Richard Hunter, analyst, Interactive Investor<\/p>\n
\n\tOil on Friday extended its gains and hit its highest level in over six months based on traders reacting<\/a>\u00a0 to something U.S. president Donald Trump had been telegraphing for weeks now: that Washington may soon resume strikes against Iran.<\/p>\n
\n\tTrump has repeatedly stated that that his department of war was developing new strike plans that could include using the \u201cMother of All Bombs\u201d, and on Friday the brash billionaire reiterated <\/a>to reporters that \u201cwe can take the whole country\u201d if desired.<\/p>\n
\n\tThis coincided with the U.S. state department on Friday disclosing that it has taken \u201cconcrete action\u201d in cutting off the financial support Yemen\u2019s Houthis receive that has enabled them to conduct a series of attacks on Saudi Arabia interests.<\/p>\n
\n\tRichard Hunter, analyst at Interactive Investor, said, \u201cWidespread reports that the US is considering renewed military strikes on Iran after the midterm elections rather than pursuing a diplomatic route was enough for the price to pop, after what many had considered would be a brief conflict is now in its eighth month.\u201d<\/p>\n
\n\tAs of mid-session Friday, Brent rose by about 3.5 percent to surpass $117 per barrel, its highest level since April.<\/p>\n
\n\tBy contrast, media noted<\/a>\u00a0that the prices of physical crudes from the Middle East softened this week, with oil continuing to flow out of the Persian Gulf in ship-to-ship transfers offshore Oman and producers offering competitive prices to Asian buyers.<\/p>\n
\n\tMeanwhile, Washington on Friday authorized<\/a>\u00a0the release of up to 400,000 barrels from the Strategic Petroleum Reserve, to mitigate a crude supply disruption affecting the Phillips 66 Lake Charles Refinery in Louisiana.<\/p>\n
\n\tThe Department of Energy took the opportunity to give assurance that it will \u201ccontinue working with industry partners to help ensure stability across the fuel supply chain and stands ready to utilize available authorities, as appropriate, to support the reliable delivery of energy supplies and protect U.S. energy security.\u201d<\/p>\n