Oil prices rise toward fourth monthly gain as Iran says four tankers struck mines near Strait of Hormuz

Oil prices rose Friday and headed for a fourth consecutive monthly gain as fresh security incidents around the Strait of Hormuz renewed concerns over disruptions to one of the world’s most important energy shipping routes.

Brent crude futures rose nearly 2% to about $117 a barrel in Friday trading, while U.S. West Texas Intermediate climbed to around $104. Both benchmarks were on course for double-digit gains in October.

Iran’s Islamic Revolutionary Guard Corps Navy said three oil tankers exploded and caught fire after striking naval mines while attempting to leave the Strait of Hormuz through what Tehran described as an unauthorized southern route.

Iran’s military later said a fourth tanker struck mines in a restricted area east of the strait and caught fire.

Those Iranian claims have not been independently verified. The vessels involved in the alleged mine incidents and their flags were not immediately identified.

Separately, the United Kingdom Maritime Trade Operations said a tanker in the Strait of Hormuz was struck by explosive devices attached by a small boat. It was not immediately clear who carried out that attack, and the incident has not been established as the same event described by Iran.

The latest maritime incidents added to concerns over energy supplies as the U.S.-Israeli conflict with Iran enters its eighth month and Washington considers possible renewed military action.

The Strait of Hormuz remains a critical export route for oil and liquefied natural gas from Gulf producers, meaning even limited disruption can quickly add a geopolitical risk premium to global energy prices.