Crude futures settled up for a fourth consecutive week Friday, finishing October up 15%, amid heightened maritime attacks in the Strait of Hormuz as the world braced for a major military re-escalation in the U.S.-Iran conflict.

Oil prices rose Friday morning after a tanker was struck in the Strait of Hormuz and market participants weighed the growing likelihood of a reescalation in the U.S.-Iran war following next week's U.S. elections.

Oil prices edged lower Thursday, remaining above the key $100 bbl level, as traders awaited the outcome of diplomatic overtures between Washington and Tehran while acknowledging the addition of European fuel reserves to the market.

Oil prices eased Thursday morning as traders assessed the latest diplomatic push for a temporary peace deal between the U.S. and Iran.

Crude rallies above $100 on supply fears, inventories tighten further.

Oil prices rose Wednesday morning as Saudi Arabian energy infrastructure continued to suffer attacks, with the latest Houthi strike on the country's main export hub threatening to further tighten a supply-starved global fuels market.

Crude prices retreated Tuesday, with WTI settling beneath the key $100 bbl mark, as traders weighed diplomatic efforts in Tehran against mounting physical supply risks in the Middle East.