Business · Energy & Commodities · 4 hrs ago
Brent oil rises 14% in October to its highest level since May
Brent crude rose 14.32% in October, ending the month at $113.10 a barrel, its highest price since May 1.
The rise came as traders weighed the risk of a wider conflict involving Iran and the United States.
Concerns grew after a tanker was attacked in the Strait of Hormuz, a key route for oil shipments; it was not immediately clear who ordered the attack.
Houthi militants in Yemen also said they had attacked sites in Saudi Arabia, while the kingdom said it intercepted a Houthi missile.
The risk of disruption to Middle East oil flows matters because it can push prices higher and make markets more volatile.
Qatar-based mediators returned to Tehran as part of efforts to reach an agreement between the United States and Iran.
Oil prices may remain volatile in the coming weeks, with upcoming elections in the United States and recent elections in Israel also cited as factors.
Brent crude futures rose on October 30, ending the month at their highest level since early May.
The January Brent contract settled at $113.10 a barrel, up 2.07% on the day, according to Folha.
CNN Brasil reported a closing price of $113.43, up 2.37%, and said Brent gained 15.70% in October; Folha reported a monthly rise of 14.32%.
Market concerns included rising Middle East tensions, attacks on shipping in the Strait of Hormuz and uncertainty over US-Iran negotiations.
- Who
- Brent crude futures traders and market participants.
- What
- Brent rose in October and closed at its highest level since May. Reports differed on the closing price and monthly gain.
- When
- October 30, 2026; the reported monthly increase covers October.
- Where
- Global oil markets; the reported shipping attack took place in the Strait of Hormuz.
- Why
- Market concerns included possible escalation involving Iran, risks to Middle East oil flows and uncertainty over US-Iran talks.
This story does not have two clearly opposing sides.
The US-Israel war with Iran began, according to industry sources cited by Folha.
The United States ordered nonessential government employees and their families to leave Saudi Arabia, according to the US embassy in Riyadh.
Yemen’s Houthis said they had attacked several sites in Saudi Arabia, including oil facilities.
Brent futures rose and closed at their highest level since early May, while Qatari mediators returned to Iran for talks.
US midterm elections were scheduled, according to Folha.
- Folha Brent close
- $113.10 a barrel for the January contract
- CNN Brasil Brent close
- $113.43 a barrel for the January contract
- October Brent gain, Folha
- 14.32%
- October Brent gain, CNN Brasil
- 15.70%
- WTI close, Folha
- $102.95 a barrel for the December contract
- Strait of Hormuz
- A tanker was attacked on October 30
2 sources
What people are saying
Operators will continue to focus on oil flows from the Middle East and the likely escalation by the United States and allied forces
one way or another
any position that contradicts this framework is unacceptable