Oil prices soar 14% in October to end at 6-month high as US weighs fresh attacks after midterm elections. More upside ahead?

Oil prices surged nearly 14% in October, reaching a six-month high as U.S. officials weigh potential fresh strikes after midterm elections. Brent crude futures for December delivery climbed $2.76, or 2.4%, to settle at $117.64 a barrel, while January contracts gained $2.63 to $113.43 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $2.12, or 2.08%, to close at $104.12.

For the month, Brent increased 13.6%, while WTI jumped 15.2%. The gains followed a report that a senior U.S. military commander briefed President Donald Trump on possible military options after the midterm elections. Trump has indicated he could resume airstrikes on Tehran post-elections. Security risks in the Strait of Hormuz resurfaced after a projectile struck a tanker there.

The U.S. has ordered non-emergency employees and their families to leave Saudi Arabia due to security concerns. Yemen's Iranian-backed Houthi militants claimed targeting Saudi Arabian locations, including refineries, while a Saudi-led coalition reported intercepting a Houthi missile. Qatari mediators are set to visit Tehran as part of attempts to broker an agreement between Washington and Tehran.

Oil markets may face further volatility due to Israel's recent elections and U.S. midterm elections in November, according to a Saxo Bank briefing. The bank anticipates crude prices to hover between $70 and $90 a barrel, even post-conflict, compared to the pre-war range of $60 to $70.