Oil prices rose Friday as investors weighed the risk of renewed military escalation between the U.S. and Iran following the midterm elections, alongside prospects for a diplomatic breakthrough.
Brent crude futures climbed 1.67% to $99.90 per barrel, while U.S. West Texas Intermediate crude futures gained 1.43% to $91.69 per barrel.
The gains came as investors assessed whether the conclusion of the U.S. midterm elections could pave the way for renewed actions against Iran, potentially threatening oil supplies from the Middle East.
Bob McNally, Rapidan Energy Group founder and president, told CNBC's "Squawk Box Asia" that he sees an 80% probability of military fighting resuming, forecasting that both oil benchmarks could climb above $100 a barrel.
However, hopes for a diplomatic resolution have also emerged after Iran reportedly sent a nuclear proposal to Washington through Qatar, Reuters reported, citing a senior Iranian official.