Global oil prices jumped by more than 2% in trading on Friday (October 30, 2026), reaching their highest closing level since late April, driven by growing concerns over a potential escalation in the conflict involving Iran following the U.S. midterm elections in November. Brent crude contracts for December delivery rose 2.4%—an increase of US$2.76—to close at US$117.64 per barrel, having touched US$118 during the session. Meanwhile, the Brent contract for January climbed to US$113.43 per barrel, and West Texas Intermediate (WTI) surged 2.08% to US$104.12 per barrel. For the month of October, Brent recorded a gain of 13.6%, while WTI jumped 15.2%, reflecting intense market anxiety regarding the security of global energy supplies.
Market tensions intensified following reports that an oil tanker in the Strait of Hormuz was targeted by explosives attached to the vessel from a small boat. The UK Maritime Trade Operations (UKMTO) reported the incident on Friday, though the party responsible has yet to be identified. Shipping industry sources described this as the first known successful use of a limpet mine against a vessel in these waters since the onset of the conflict involving the United States, Israel, and Iran in February. The incident underscores the vulnerability of the Strait of Hormuz, a critical artery for the distribution of crude oil and fuel from the Persian Gulf region to international markets.
Market participants are now closely monitoring the possibility of an intensification in military operations by the United States and its allies against Iran following the midterm elections—a scenario that could further exacerbate disruptions to energy shipments from the Middle East. Dennis Kissler, Senior Vice President of Trading at BOK Financial, believes that investor attention will remain focused on the smooth flow of oil from the region, as well as the risk of further military escalation. Uncertainty regarding the security of shipping lanes and potential supply disruptions are expected to keep a geopolitical risk premium embedded in oil prices. Nevertheless, the future direction of prices will depend on how the conflict unfolds, oil export activity, and diplomatic efforts that could help ease regional tensions.
Source: Newsmaker.id