Brent Crude Climbs Back Above $100 as Hormuz Tanker Attacks Return

Brent crude climbed back above $100 a barrel on Friday morning, November 6, 2026. Front-month Brent rose 2.1% to $100.34 a barrel, while U.S. West Texas Intermediate gained 1.6% to about $92 a barrel, as fresh tanker attacks in the Strait of Hormuz revived supply fears after a sharp selloff earlier in the week.

What happened

Oil rose for a second straight session on Friday. Dow Jones Newswires, via Morningstar, put front-month Brent up 2.1% at $100.34 a barrel and WTI up 1.6% at $92 a barrel early on Friday. The Hindu BusinessLine, reporting January Brent futures at 10:04 a.m. IST, had Brent at $99.83, up 1.57%, and December WTI at $91.73, up 1.34%.

The rebound follows a violent week. Brent settled almost 4% higher on Thursday, after plunging more than 8% in the previous session. That earlier drop came as traders bet the Democratic Party's sweep of the U.S. midterm elections would raise pressure for a diplomatic resolution to the Iran conflict, according to MUFG analysts cited by Dow Jones. ANZ analysts said the selloff looked excessive given the continuing tensions in the Middle East.

Why it is blowing up

The trigger is security in the Strait of Hormuz, the narrow waterway that normally carries about a fifth of the world's traded oil and gas. The United Kingdom Maritime Trade Operations agency has reported tanker attacks in the Gulf and around the strait since Sunday. A report quoting Iran's Islamic Revolutionary Guard Corps said two oil tankers and a tugboat caught fire in separate incidents in the strait, with the IRGC saying the vessels had tried to use unauthorised routes.

ANZ senior commodity strategist Daniel Hynes estimated that oil shipments through the strait were running below 60% of capacity. Saudi Arabia added to the nerves on Thursday: its Civil Defense issued an alert warning of potential danger near Yanbu, a major Red Sea oil export hub that has grown more important as producers seek routes that avoid Hormuz, before later saying the danger had passed.

Key facts

Brent: front-month futures rose 2.1% to $100.34 a barrel on Friday morning (Dow Jones via Morningstar); January futures were at $99.83, up 1.57%, in Indian morning trade (The Hindu BusinessLine).
WTI: the U.S. benchmark gained 1.6% to about $92 a barrel (Dow Jones); December futures were at $91.73, up 1.34% (The Hindu BusinessLine).
The week is still deeply negative: despite two days of gains, Brent remains on course for a weekly loss of around 12%, according to market reporting on Friday morning.
Hormuz flows: shipments through the strait are running below 60% of capacity, ANZ's Daniel Hynes estimated.
Diplomacy is still in play: Iran has reportedly sent a nuclear proposal to Washington through Qatar, according to Reuters reporting cited by CNBC — a claim traders are treating as unconfirmed until officials confirm it.
A surplus sits underneath: JPMorgan estimated global supply exceeded demand by 1.1 million barrels a day in September, widening to 1.4 million in October.

What is next

Two forces are pulling oil in opposite directions. On one side, tanker attacks, reduced Hormuz flows and the Yanbu warning keep a risk premium in the price every time a vessel is hit. On the other, a reported diplomatic channel through Qatar and a growing global surplus argue the spike could fade fast if a settlement reopens the strait fully — which is exactly the bet that knocked more than 8% off Brent earlier in the week.

The next hard data point lands today: the U.S. October jobs report, due at 8:30 a.m. ET, will shape demand expectations into the U.S. open. If Hormuz incidents continue over the weekend, the $100 level will be tested again on Monday; if the diplomatic reports harden into a deal, the rebound could unwind just as quickly. This is a report of what happened, not a recommendation to buy, sell or hold any asset.

FAQ

Why did Brent crude rise above $100 on Friday?

Front-month Brent rose 2.1% to $100.34 a barrel after fresh tanker attacks in the Strait of Hormuz renewed fears of supply disruption, extending Thursday's rebound of almost 4%.

What happened in the Strait of Hormuz?

The UK Maritime Trade Operations agency reported tanker attacks in the Gulf and around the strait since Sunday, and Iran's IRGC said two oil tankers and a tugboat caught fire in separate incidents.

Is oil up or down this week?

Both, in sequence: Brent plunged more than 8% in one session on hopes of a U.S.-Iran diplomatic resolution, then rebounded for two days — but it is still on course for a weekly loss of around 12%.

What could move oil next?

The U.S. October jobs report at 8:30 a.m. ET on Friday, any confirmation of the reported Iran nuclear proposal sent via Qatar, and whether Hormuz shipping incidents continue over the weekend.