Brent Crude Hits $117.64: Oil at a Six-Month High on Hormuz Attack

Brent crude settled at $117.64 a barrel on Friday, October 30, 2026, up 2.4% on the day and at its highest level in six months, after a tanker was attacked in the Strait of Hormuz and traders braced for a possible escalation in the U.S.-Iran conflict. The expiring December contract touched $118 intraday, while U.S. West Texas Intermediate (WTI) settled 2.1% higher at $104.12 a barrel.

What happened

Oil closed October with a fourth straight monthly gain. Brent rose 13.6% over the month and WTI climbed 15.2%, taking both benchmarks to their highest settlements since late April. The final push came on Friday, when prices jumped more than 2% after an attack on a tanker transiting the Strait of Hormuz — the narrow waterway that carries a large share of the world's seaborne oil — revived fears that flows through the Gulf could be disrupted again.

According to the UK Maritime Trade Operations (UKMTO) agency, the vessel was struck by explosive devices attached to its hull by a small boat. Maritime sources described it as the first known successful limpet-mine strike in the waterway since the U.S.-Israeli war with Iran began in February. A second vessel was struck by an unknown projectile during an outbound transit a day earlier. The attacker in the limpet-mine incident has not been identified. Iran's Revolutionary Guards separately claimed that tankers had hit mines on a southern route around the strait — a claim U.S. Central Command rejected, saying the main transit routes had been cleared. Those competing claims remain unverified.

Why it is blowing up

The Hormuz attack landed on a market that was already nervous. Traders are watching next week's U.S. midterm elections, after which President Donald Trump has repeatedly threatened to resume airstrikes on Iran. Saxo Bank commodity strategist Ole Hansen said investors are increasingly concerned that U.S. attacks could restart after the vote, and BOK Financial's Dennis Kissler said market participants will keep their attention on petroleum flows leaving the Middle East and the probable intensification by American and allied forces.

Diplomacy offered only partial relief. Trump said on Friday that peace talks with Iran are taking place, adding that "we have time, frankly" — remarks that pared some of oil's post-settlement gains as traders unwound weekend-escalation hedges. Qatari mediators returned to Tehran on Friday, and Iran has received a letter from U.S. Vice President JD Vance aimed at restarting negotiations, though Tehran has signaled little willingness to soften its positions. Low inventories and tight supplies of refined products, partly following Ukrainian attacks on Russian processors, added further support.

Key facts

• Brent December: settled at $117.64 a barrel, up $2.76 (2.4%), after touching $118 — the contract expired Friday.
• Brent January (new front month): settled at $113.43 a barrel, up $2.63.
• WTI: settled at $104.12 a barrel, up $2.12 (2.1%).
• October: Brent +13.6%, WTI +15.2% — a fourth consecutive monthly gain for both, to the highest levels since late April.
• The catalyst: a tanker struck by limpet mines in the Strait of Hormuz on Friday, per UKMTO — reported as the first such successful strike since the war began in February.
• The week ahead: seven core OPEC+ members meet online on Sunday, November 1; the U.S. midterm elections follow on November 3 and the U.S. jobs report on November 6.

Sources: Reuters via Shafaqna, Bloomberg via Rigzone, TradingView News, FinanceFeeds.

What is next

The first test comes Sunday, when Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman meet online as OPEC+. Three sources told Reuters the group is likely to keep December output targets unchanged, though no final decision had been made. Beyond that, traders face the November 3 midterms — widely seen as the point after which U.S. strikes on Iran could resume — and the November 6 jobs report. Analysts frame the near-term range by two reference levels: about $120 a barrel if Hormuz risks escalate further, and about $106 if diplomacy cools the premium. Saxo Bank expects prices of $70-$90 a barrel even after the conflict ends, above the $60-$70 range seen before the war. This report describes what happened and why markets reacted; it is not investment advice.

FAQ

Why did oil prices jump on Friday?

A tanker was attacked with limpet mines in the Strait of Hormuz, raising fears of disrupted Gulf oil flows, while traders also braced for a possible escalation in the U.S.-Iran conflict after next week's midterm elections.

How high did Brent crude close?

The expiring December Brent contract settled at $117.64 a barrel, up 2.4% after touching $118. The January contract, now the front month, settled at $113.43, and WTI settled at $104.12.

How much did oil gain in October?

Brent rose 13.6% and WTI rose 15.2% in October — a fourth straight monthly gain for both benchmarks, taking them to their highest levels since late April.

What happens next for oil prices?

OPEC+ meets online on Sunday, November 1 and is expected to leave December output targets unchanged. The November 3 U.S. midterms and November 6 jobs report are the next events traders are watching.