Oil Rises About 2% as Tankers Are Hit in the Strait of Hormuz, Putting Crude on Course for a Fourth Monthly Gain

Crude oil prices rose about 2% on Friday, October 30, 2026, after fresh reports of attacks on tankers in the Strait of Hormuz, leaving both major benchmarks on course for a fourth consecutive monthly gain.

At about 11:53 a.m. ET, West Texas Intermediate crude futures were up $1.94, or 1.9%, at $103.94 a barrel, after trading as high as $104.99, according to Yahoo Finance futures data. Brent crude futures, the international benchmark, were up about 2.4% at $113.42, with a session high of $114.07.

Attacks on shipping

The British military said on Friday that a tanker caught fire after a small boat attached two explosives to its hull while it was transiting the Strait of Hormuz, temporarily disabling the vessel, the Associated Press reported. That followed a statement from Iran's Revolutionary Guard on Thursday that three oil tankers had struck mines while trying to leave the strait through an unauthorized route.

The UK Maritime Trade Operations agency said Friday that the tanker hit on Thursday night was damaged by explosives attached to its hull by a small boat, not by a projectile as first reported, The National reported. Iran's Islamic Revolutionary Guard Corps also said that an oil tanker hit a naval mine on Friday while attempting to transit through an "unauthorised route" in the strait.

The AP said UKMTO reported earlier this month that October is already the busiest month for reported attacks on shipping in the Strait of Hormuz since March, in the opening months of the war with Iran. Brent remains near the high end of its range since that war began; the AP said the highest price for the most actively traded Brent contract over that period is nearly $120, reached in March.

Politics and diplomacy

U.S. President Donald Trump said on Friday that he believed the war with Iran, now in its ninth month, will end soon, without giving details, according to The National. The newspaper noted that Trump had previously said Washington would not strike Iran before the U.S. midterm elections on November 3, which has led investors to brace for possible attacks after the vote. It also cited a Reuters report that Qatari mediators had returned to Tehran as part of efforts to secure a deal between the United States and Iran.

Ryan McDaniel, president of Duncan Oil Company, told The National that fears of U.S. strikes on Iran were "keeping supply risk premiums elevated despite earlier diplomatic outreach efforts."

Weekly and monthly moves

The National reported that Brent was on track for a weekly rise of about 0.64% and WTI for a gain of nearly 1%, while on a monthly basis the two benchmarks were heading for increases of about 15% and 12%, respectively. Yahoo Finance data show the front-month WTI contract settled at $90.42 on September 30.

Refined fuels, gas and metals

Refined products tracked crude higher. RBOB gasoline futures were up about 2.6% at $3.17 a gallon and heating oil futures were up about 2.2% at $4.69 a gallon around 11:53 a.m. ET. Natural gas moved the other way: Henry Hub futures fell about 2.1% to $2.89 per million British thermal units.

Copper futures on Comex fell about 1.8% to roughly $6.49 a pound, on a day of broad selling in technology and semiconductor shares. Precious metals were also lower, with gold futures down about 3% near $3,909 an ounce.

Agricultural markets

Grain futures were mixed and moved within narrow ranges. Chicago wheat futures were little changed at about $6.04 a bushel, corn slipped about 0.7% to $4.48, and soybeans edged up about 0.2% to $12.37. Arabica coffee futures in New York rose about 0.6% to 287.15 cents a pound, while cocoa futures fell about 0.4% to $5,432 a metric ton.

Energy equities

Higher crude supported oil producers in an otherwise weak stock market. Exxon Mobil shares were up about 1.4% and Chevron about 1.6% shortly after noon ET, while Shell's U.S.-listed shares gained about 1%, according to Yahoo Finance data.

Energy prices also featured in central bank decisions this week. Policymakers at the Federal Reserve and the European Central Bank flagged inflation risks linked to energy prices at their meetings this week, the Times of India reported, citing market strategists.

Futures prices cited above are intraday values and will change before the settlement.