UAE BUSINESS : OIL SURGES TOWARDS $100 AS FRESH TANKER ATTACKS THREATEN HORMUZ SHIPPING

What happened: Oil rose toward $100 a barrel after fresh attacks on commercial shipping in and around the Strait of Hormuz, including three tankers Iran reported damaged on Thursday. Key numbers: Brent rose $1.62 to $99.91 a barrel. WTI gained $1.14 to $91.66. Prices had fallen more than $20 from the prior week's levels after the US midterm results. Why it matters: The incidents reinforce concerns that shipping will stay exposed to attacks while the eight-month conflict remains unresolved, even as diplomatic efforts continue without a publicly announced breakthrough.

Oil rose toward $100 a barrel after fresh attacks on commercial shipping in and around the Strait of Hormuz, including three tankers Iran reported damaged on Thursday.

The incidents reinforce concerns that shipping will stay exposed to attacks while the eight-month conflict remains unresolved, even as diplomatic efforts continue without a publicly announced breakthrough.