Brent touches $118: fourth straight monthly gain and highest level since April
Brent crude rose 2.4 percent to $117.64 a barrel on Friday, October 30, briefly touching $118, while US WTI settled at $104.12. Over the month Brent gained about 15 percent and WTI about 12 percent, a fourth straight monthly rise and the highest level since April.
The rally is driven by attacks on ships in the Strait of Hormuz and US threats of new strikes on Iran, amid expectations that Washington could act right after the November 3 congressional elections. Before the war, at the end of February, Brent cost about $72.
A shortage of products
Analysts say a bigger problem than crude itself is a shortage of refined products because of damaged refineries in the Gulf and Russia, which is pushing up pump prices in the US and Europe.
Sources and references
- I.The National / ReutersOil prices set for sharp monthly rise on Hormuz strikes and US threat to hit Iran🔗 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/
- II.Oil & Gas JournalOil moves higher just before midterms🔗 https://www.ogj.com/general-interest/economics-markets/article/55415795/oil-moves-higher-just-before-midterms
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