Brent Crude Rises 2.5% to $118 as Trump Signals Possible Iran Strikes After Midterms
- 30th October 2026
- 12:00 PM
- 3 min read
Summary
Brent crude rose 2.5% to $118 a barrel on Friday, October 30, as markets weighed the risk of renewed United States airstrikes on Iran after next week’s midterm elections. Brent has gained 12% in October to reach a six-month high. A projectile strike on a tanker in the Strait of Hormuz and Houthi missile attacks on Saudi Arabia added to supply concerns.Mumbai | October 30, 2026
Brent crude rose 2.5% to $118 a barrel on Friday, October 30, as markets assessed the possibility of the United States (US) resuming military strikes against Iran.
Fresh security risks in the Strait of Hormuz and Houthi attacks on Saudi Arabia added to concerns over regional stability and potential disruptions to energy supplies.
How Much Did Crude Oil Prices Rise on October 30?
Brent crude has gained 12% in October, reaching a six-month high. US West Texas Intermediate (WTI) crude rose 2.30% to $104 a barrel on the same day. Oil flows through the Strait of Hormuz have recovered. Low inventories and tight supplies of refined products continue to support prices.
| Benchmark | Price (a barrel) | Change |
| Brent crude | $118 | 2.5% |
| WTI crude | $104 | 2.30% |
Why Are Markets Watching US Action Against Iran?
US President Donald Trump has repeatedly indicated that he could resume airstrikes on Tehran after next week’s midterm elections. Markets are watching for this possible move. Security risks in the Strait of Hormuz also returned to focus on Thursday, when an unidentified projectile hit a tanker as it completed its outbound passage through the waterway.
The United Kingdom Maritime Trade Operations (UKMTO) reported the incident. It showed that the threat to shipping continues, even though producers have resumed cargo movements through the strait.
What Attacks Have the Houthis Launched on Saudi Arabia?
The Houthis have stepped up attacks on Saudi Arabia, the world’s second-largest crude producer after the US. The Saudi-led coalition fighting Yemen’s Houthis said it intercepted and destroyed a ballistic missile. The group fired the missile towards Saudi Arabia’s eastern region early on Thursday.
Two other attacks were reported before that:
- On Wednesday, Yemeni government forces said the Houthis attacked Aden airport.
- A day earlier, the Houthis claimed a missile strike targeting Ras Tanura, Saudi Arabia’s largest oil refinery. The refinery has a capacity of 550,000 barrels per day. Saudi authorities had not immediately confirmed the reported attack.
Fighting between the two sides has continued, with little sign of de-escalation.
Outlook
The lack of clarity over how the conflict will unfold makes the outlook for oil markets uncertain. The risk of further Houthi attacks and renewed US strikes on Iran after the elections has added to this uncertainty. The possibility of further supply disruptions has also strengthened expectations of higher oil prices.
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