Oil prices settled at a six-month high on October 30, 2026, with December Brent crude futures closing at $117.64 a barrel. Brent gained 13.6% in October, while US West Texas Intermediate rose 15.2%, as traders assessed risks to Middle East supplies.
Key Takeaways
- December Brent rose 2.4% on Friday, while WTI gained 2.08%.
- An unidentified projectile struck a tanker leaving the Strait of Hormuz on October 29, UK maritime authorities said.
- Goldman Sachs outlined different price scenarios depending on shipping attacks and the restoration of exports.
Oil prices finish October higher
December Brent futures rose $2.76 on October 30 to settle at $117.64 a barrel, after touching $118 during the session. The more actively traded January contract gained $2.63 to $113.43.
WTI futures rose $2.12 to close at $104.12 a barrel. The gains came amid concerns about a possible escalation in the Iran war, although the price movements do not establish that any single development caused the rise.
Tanker incident puts shipping risks in focus
UK Maritime Trade Operations said an unidentified projectile hit a tanker on October 29 as it completed its outbound passage through the Strait of Hormuz. Producers had resumed cargo movements through the waterway, but the incident highlighted continuing security risks.
The U.S. Energy Information Administration includes world oil transit chokepoints in its international energy analyses.
President Donald Trump has indicated that US airstrikes on Tehran could resume after the November 3 midterm elections. Meanwhile, Qatari mediators returned to Tehran on October 30 as part of efforts to secure an agreement between Washington and Tehran, an official briefed on the discussions said.
Goldman Sachs outlines price scenarios
Goldman Sachs estimated that oil could reach $120 a barrel if attacks on vessels in the Middle East intensify, or decline toward $80 if exports return to normal. Those are conditional scenarios, not confirmed outcomes.
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