# Oil prices climb on Iran conflict fears after midterms

> Brent and WTI crude rise as investors assess risks of renewed U.S.-Iran military escalation, though diplomatic hopes also emerge.
- Title: Oil prices climb on Iran conflict fears after midterms · CNBC
- Summary: Brent and WTI crude rise as investors assess risks of renewed U.S.-Iran military escalation, though diplomatic hopes also emerge.
- Keywords: oil prices, brent crude, wti crude, u.s.-iran relations, midterm elections, bob mcnally, rapidan energy group, nuclear negotiations, strait of hormuz, tanker attacks, CNBC
- Source: CNBC — https://cnbc.com/2026/11/06/oil-price-today-brent-wti.html
- Author: Lee Ying Shan
- Published: 2026-11-06T05:06:56+00:00
- Read time: 1 min
- Topics: oil prices, brent crude, wti crude, u.s.-iran relations, midterm elections, bob mcnally, rapidan energy group, nuclear negotiations, strait of hormuz, tanker attacks, business, finance
## Oil prices rise on Iran tensions
Brent crude futures climbed one point sixty-seven percent to ninety-nine dollars ninety cents per barrel. U.S. West Texas Intermediate crude futures gained one point forty-three percent to ninety-one dollars sixty-nine cents per barrel.
## McNally sees eighty percent chance of fighting
Bob McNally, Rapidan Energy Group president, told CNBC's Squawk Box Asia he sees an eighty percent probability of military fighting resuming between the U.S. and Iran.

> 80% probability of military fighting resuming
## McNally forecasts oil above one hundred dollars
McNally forecasted that both oil benchmarks could climb above one hundred dollars a barrel if military escalation resumes. He cited Trump's determination to prevent Iran from obtaining nuclear weapons.

> President Donald Trump is determined, as a legacy item, almost at all costs, to prevent Iran from getting a nuclear weapon
## Iran sends nuclear proposal, tanker attacks continue
Iran reportedly sent a nuclear proposal to Washington through Qatar, offering a diplomatic path. Meanwhile, Iran reported three additional attacks on oil tankers in the Strait of Hormuz on Thursday.
## Key takeaway

Oil prices rose Friday as investors weighed renewed U.S.-Iran military conflict risks following midterm elections, with one analyst forecasting an eighty percent probability of fighting resuming.