Oil Ends October at Six-Month Highs as Hormuz Attacks Push Brent to $117.64 a Barrel
Brent crude rose 2.4 percent on October 30 to settle at $117.64 a barrel, its highest level since late April, after an attack on a tanker in the Strait of Hormuz and claimed strikes on Saudi oil sites raised fears of supply disruption. For October as a whole, Brent gained 13.6 percent and U.S. crude gained 15.2 percent.
Oil prices closed October at their highest levels since late April, after an attack on a tanker in the Strait of Hormuz and claimed strikes on Saudi oil sites raised fears of disruption to energy supplies from the Middle East.
December Brent crude futures, which expired October 30, rose $2.76, or 2.4 percent, to $117.64 a barrel, after briefly touching $118. The January 2027 Brent contract gained $2.63 to $113.43 a barrel. U.S. West Texas Intermediate crude rose $2.12, or 2.08 percent, to $104.12 a barrel.
Attack on a tanker, claims on Saudi sites
The focus was an attack on an oil tanker in the Strait of Hormuz in which an explosive device was attached to the vessel’s hull from a small boat, according to the United Kingdom Maritime Trade Operations agency. The agency said the party responsible has not been identified. The incident is the first known successful attack using this method on the route since the war between the U.S., Israel and Iran began in February 2026.
Yemen’s Iran-backed Houthi forces said they had attacked several targets in Saudi Arabia, including the Ras Tanura and Rabigh refineries and Saudi Aramco’s Abqaiq processing facility. The Saudi-led coalition said it had intercepted a cruise missile heading toward the country’s west.
In Libya, the National Oil Corporation said an armed group had closed a valve on the Hamada crude oil pipeline, which connects the Hamada field to the Zawiya refinery, disrupting flows of about 15,000 barrels per day.
A strong month, with more volatility expected
For October as a whole, Brent rose 13.6 percent, while WTI gained 15.2 percent. According to Saxo Bank, oil prices could become more volatile in the coming weeks, particularly ahead of the U.S. midterm elections on November 3 and political developments in Israel. The bank forecasts that crude oil could remain in the $70 to $90 per barrel range even if the conflict ends, well above the pre-war level of $60 to $70 per barrel.
Other markets moved the other way on October 30. Spot gold fell 3.5 percent to $3,880.97 an ounce, its lowest level since October 2025, and silver fell 6.5 percent to about $49 an ounce, breaking below $50 for the first time in 11 months.
Reporting based on market coverage by Stockbiz.
