US President Donald Trump said on Thursday that Iran was doing all it could to drive up the price of oil before the US midterm elections. "They are even making up fake hits, mines, and everything else," he said in a Truth Social post. Iran's state television reported on Thursday that seven oil tankers were either struck by attacks or hit naval mines in the Strait of Hormuz overnight, possibly the largest single-day number of vessels damaged in the waterway since the Iran war started on Feb. 28. Quoting a statement by the Revolutionary Guard's navy, the Iranian report said four of the tankers were transferring oil when they were targeted and caught fire. Three more were damaged and immobilized after hitting naval mines. The report didn't provide details about possible casualties or the tankers' flags. Oil prices climbed about 2% to a five-month high on Thursday. Brent futures rose $2.42, or 2.2%, to $111.24 a barrel at 10:45 a.m. EDT (1445 GMT), while US West Texas Intermediate (WTI) crude rose $1.14, or 1.2%, to $98.29. That drove Brent into technically overbought territory for a third time in a week and set for its highest close since May 18.
