Business · Energy & Commodities · 8 hrs ago
Oil prices rise as markets weigh US-Iran conflict risks
Oil prices rose on Friday, extending gains for a fourth month as investors considered the risk of a wider US-Iran conflict.
Brent crude settled at $117.64 a barrel, up 2.4%.
US crude also rose, but the sources gave different closing prices: $104.12 and $103.88 a barrel.
Investors are watching for possible escalation after the US midterm elections.
A tanker attack in the Strait of Hormuz highlighted supply risks, because the conflict could disrupt oil shipments.
Markets are preparing for the possibility of further tensions, but no next step in the conflict is specified.
Oil prices rose on Friday as markets weighed the risk of a further US-Iran conflict and threats to supplies.
Brent futures settled at $117.64 a barrel, up 2.4%, while US crude settled at $104.12, up 2.08%, according to Al Eqtisadiah.
The gains marked a fourth consecutive month of increases, with Brent and US crude both headed for their biggest monthly gains since July, Asharq Al-Awsat reported.
A tanker attack in the Strait of Hormuz and concerns about military activity in the area added to supply worries.
UOL also cited uncertainty over US-Iran negotiations and tensions between Saudi Arabia and the Houthis as risks to energy infrastructure.
- Who
- Oil markets and investors. The reports discuss US and Iranian officials, as well as regional actors.
- What
- Oil prices rose as markets assessed the risk of conflict escalation and supply disruptions.
- When
- Friday, October 30, 2026. The reports said prices were rising or closing higher that day.
- Where
- Global oil markets, with supply concerns focused in and around the Strait of Hormuz.
- Why
- Investors weighed the prospect of further US-Iran conflict, uncertainty over diplomacy, and risks to oil supplies.
This story does not have two clearly opposing sides.
The Saudi-led coalition said it intercepted a Houthi cruise missile headed toward the western region of Saudi Arabia.
US President Donald Trump said Vice President JD Vance had contacted Iran to help it obtain medical supplies.
Brent was up 86 cents to $115.74 a barrel and US West Texas Intermediate was up 72 cents to $102.72, Asharq Al-Awsat reported.
Oil futures closed higher, with Brent at $117.64 and US crude at $104.12, according to Al Eqtisadiah.
- Brent settlement
- $117.64 a barrel, up 2.4%
- US crude settlement
- $104.12 a barrel, up 2.08%, according to Al Eqtisadiah
- Monthly streak
- Fourth consecutive month of gains
- Brent monthly gain forecast
- Nearly 14%
- US crude monthly gain forecast
- 15%
4 sources
What people are saying
Continued military operations at the Strait of Hormuz amid doubts about whether there is a viable diplomatic path keep oil prices high in anticipation of conflict escalating in the coming weeks.