December ICE Brent crude surged $2.76 to reach $117.61 a barrel on Friday, while West Texas Intermediate followed the upward trend, climbing $2.16 to hit $104.16. Refined products saw similar volatility, with November ULSD jumping 11.44 cents to $4.8504 a gallon and RBOB futures rising 7.49 cents to $3.2599.

The United Kingdom Maritime Trade Operations confirmed that a tanker was targeted by a small boat carrying explosive devices, deepening fears of supply chain disruptions. This security breach follows unverified claims from Yemen’s Houthi militants regarding strikes on Saudi energy infrastructure, including refineries at Ras Tanura and Rabigh. Meanwhile, in the Samara region of Russia, a strike on the Novokuibyshevsk refinery marked a resumption of hostilities against Moscow's energy assets.

Washington remains caught between diplomacy and potential escalation. While Vice President JD Vance reached out to Iran’s Mohsen Rezaei to restart peace talks, reports indicate the U.S. has simultaneously signaled Gulf Arab allies to prepare for possible military action following the upcoming midterm elections. President Trump has yet to finalize a decision on potential strikes, leaving market participants to weigh the heavy cost of regional instability against the slim hopes for a diplomatic breakthrough.