Oil prices rose on Friday, set for a fourth monthly gain, as an attack on a tanker in the Strait of Hormuz highlighted continuing supply risks from the US-Israeli war on Iran, now in its eighth month. Brent crude futures for December advanced 1.20 dollars, or 1.04 percent, to 116.08 dollars a barrel, while US West Texas Intermediate crude climbed 1.37 dollars, or 1.34 percent, to 103.37 dollars. For the month, Brent was on course to finish nearly 11 percent higher, with West Texas Intermediate heading for a 14 percent jump. The immediate trigger was a tanker in the Strait of Hormuz — the key sea outlet for Gulf crude — being hit by explosive devices attached by a small boat, while Iran separately said four tankers were on fire after striking mines. Analysts warn prices could stay volatile in the next two weeks around Israel’s parliamentary election and the US midterm vote on 3 November. For Pakistan, which imports most of its oil, Brent back above 116 dollars keeps pressure on the import bill and on pump prices, which is why diesel crossed 400 rupees a litre this week. One day’s rise is not a forecast, but a fourth straight monthly gain shows the market is pricing continued risk, not resolution. Sources: Reuters, OilPrice. Written in our own words for information only.