World Events
Brent Tops $117 and Heads for Fourth Monthly Gain After Mine Attack on Tanker in Hormuz
Image: Tho-Ge via Pixabay
Oil climbs as attacks on shipping and Gulf energy sites add to supply fears, while Qatari mediators return to Tehran.
By Noris Ortiz ·
Oil prices rose on Friday and were on course for a fourth straight monthly gain, after an explosive attack on a tanker in the Strait of Hormuz renewed concern about supply through one of the world's most important energy routes [1][2].
Brent crude for December delivery, which expired on Friday, climbed $2.26, or 2%, to $117.14 a barrel by 12:36 GMT, or 8:36 a.m. ET, Reuters reported [1]. The more actively traded January contract rose $2.30 to $113.10, and U.S. West Texas Intermediate crude gained $1.94, or 1.9%, to $103.94 [1]. Reuters said Brent was on track for a gain of about 13% in October and WTI for about 15% [1]. As of 11:32 a.m. ET, The National reported Brent up 2.37% at $117.56 and WTI up 2.13% at $104.17 [2].
The latest jolt came from the strait itself. A tanker there was struck by explosives attached to its hull by a small boat, according to the UK Maritime Trade Operations agency, rather than by a projectile as first reported [1][2]. It was not clear who was responsible [1]. Maritime sources told Reuters it was the first known successful limpet-mine attack in the waterway since the U.S.-Iran war began in February [1]. Separately, Iran's Islamic Revolutionary Guard Corps said a tanker had hit a naval mine on Friday while using what it called an unauthorized route through the strait [2].
The attack followed claims on Thursday by Yemen's Iran-backed Houthi movement that it had targeted several Saudi energy sites, including the Ras Tanura and Rabigh refineries and an Aramco facility at Abqaiq [1]. A Saudi-led coalition said it intercepted a Houthi cruise missile aimed at the kingdom's western region [1].
Diplomatic signals remain mixed. President Donald Trump said on Friday that the war with Iran is "going to end soon," without saying how, TheStreet reported [3]. On Thursday, Trump said Vice President JD Vance had contacted Iran about medical supplies, and U.S. media reported that Vance had written to Tehran's top security official to try to revive peace talks [1]. Iran has received the letter but not replied, according to the semi-official Tasnim news agency, which said Tehran insists the U.S. must meet its conditions [1]. An Iranian official told The National that Iran "welcomes any efforts aimed at negotiations, talks or collective consultation" [2]. Qatari mediators returned to Tehran on Friday as part of efforts to secure a U.S.-Iran agreement, according to an official briefed on the talks [1][2].
Traders are also weighing the political calendar. The National noted that Trump had previously said Washington would not strike Iran before the U.S. midterm elections on November 3, which has left investors bracing for possible action after the vote [2]. "The oil market is getting increasingly spooked as we approach the midterms," said Ole Hansen, head of commodity strategy at Saxo Bank, according to Reuters [1]. Saxo expects crude to trade between $70 and $90 a barrel once the conflict ends, compared with $60 to $70 before the war, citing the risk of renewed fighting and the need to rebuild inventories [1].
The security situation is affecting the industry beyond prices. Exxon Mobil and Chevron cancelled plans to send executives to the United Arab Emirates' largest oil show next week, according to two sources cited by Reuters [1].
For markets, higher crude prices feed into fuel costs and inflation expectations, while supporting earnings at oil producers and refiners.
What to watch next: whether further attacks hit shipping in the Strait of Hormuz, any response from Tehran to the U.S. outreach, the outcome of Qatar's mediation, and how the oil market positions around the November 3 midterm elections.
Sources:
[1] Reuters (via AOL), "Oil set for fourth monthly gain as Hormuz tanker attack highlights supply risks", October 30, 2026. https://www.aol.com/articles/oil-rises-supply-concerns-houthis-022725000.html
[2] The National, "Oil prices set for sharp monthly rise on Hormuz strikes and US threat to hit Iran", October 30, 2026. https://www.thenationalnews.com/business/markets/2026/10/30/oil-prices-set-for-sharp-monthly-rise-on-hormuz-strikes-and-us-threat-to-hit-iran/
[3] TheStreet, "Stock Market Today (Oct. 30, 2026): S&P 500 sinks as Amazon, Intel losses shake Wall Street", October 30, 2026. https://www.thestreet.com/stock-market-today/stock-market-today-dow-jones-sp-500-nasdaq-updates-oct-30-2026
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.