Oil Prices: Brent Tops $113 After Hormuz Tanker Attack

Brent settled at $113.43 and WTI at $104.12 on October 30, capping a fourth straight monthly gain. What is driving oil and what comes next.

The oil price today is at its highest level since late April. Brent crude for January delivery settled at $113.43 a barrel on Friday, October 30, and US benchmark WTI settled at $104.12, after reports of a tanker attack and mine strikes in the Strait of Hormuz, CNBC reported. On Sunday, November 1, OPEC+ chose to keep its December output targets unchanged.

Oil prices today

These are the settlement prices from Friday, October 30, the last trading day before the weekend, according to CNBC and FinanceFeeds:

Brent crude price (January contract): $113.43, up $2.63 on the day.
Brent (expiring December contract): $117.64, up $2.76 (2.4%), after touching about $118.
WTI crude price: $104.12, up $2.12 (2.08%).
October gain: Brent rose 13.6% and WTI rose 15.2% for the month, a fourth straight monthly gain and the steepest since July, CNBC said.
Intraday high: Brent traded at $116.08 on Friday morning after the Hormuz news, Poland Insight reported.

Prices differ between sources because Brent has several futures contracts, which are agreements to buy oil for delivery in a set month. The December contract expired on Friday, so the January contract is now the main benchmark.

Oil is not at a record: Brent briefly reached $126.41 in late April, its highest level since March 2022, Yahoo Finance reported. For how oil compared with stocks, gold and bitcoin last month, see our October 2026 market scorecard.

What happened in the Strait of Hormuz

Reports from October 30 and 31 describe several incidents, not all confirmed.

Iran's mine claims: Iran's Islamic Revolutionary Guard Corps (IRGC) said four oil tankers, including a supertanker carrying more than 2 million barrels, hit mines and caught fire in the strait, ABC News reported on October 31. According to CNBC, the IRGC said three tankers struck mines on what it called an "unauthorized southern route" near the Omani coast, and Iran's army said a fourth burned east of the strait. Reports differ on how many ships were involved.
Limpet mine attack: The UK Maritime Trade Operations agency (UKMTO) said a small boat approached a tanker and attached two explosive devices to its hull. CNBC said this was the first known successful limpet-mine strike in the waterway since the war began in February (a limpet mine is an explosive stuck to a ship's hull). Who carried out the attack has not been identified.
Oman rescue: Oman said it evacuated 25 crew members from a Panama-flagged tanker that was attacked and caught fire 1.6 nautical miles off Musandam, CNBC reported.
Dispute over mines: The US had said key shipping lanes were cleared of mines, and Iran disputed this. "Prove the claim that the Strait of Hormuz has been cleared of mines with independent evidence, not a statement," IRGC spokesman Hossein Mohebi said, as quoted by CNBC.

Tension also rose elsewhere in the Gulf. The Houthis said on Thursday, October 29, that they attacked Saudi Aramco's Ras Tanura and Rabigh refineries and an Abqaiq facility, according to CNBC. CNBC also said traders were bracing for a possible escalation of the Iran war after the US midterm elections.

Why Hormuz matters for oil prices

The Strait of Hormuz links the Persian Gulf to the open ocean. Oil flows through it averaged 20 million barrels per day in 2024, equal to about 20% of global petroleum liquids consumption, according to the US Energy Information Administration (EIA). The EIA says those flows made up more than a quarter of global seaborne oil trade in 2024 and early 2025.

There are few ways around it. The EIA estimates that about 2.6 million barrels per day of Saudi and UAE pipeline capacity could bypass the strait in a disruption, a small share of normal flows. Asia is the most exposed region: the EIA says 84% of the crude oil and condensate passing through Hormuz in 2024 went to Asian markets. Europe and the US feel the effect through global prices.

This is why traders add a "risk premium" to the price, an extra amount paid because supply could be cut off, as FinanceFeeds noted.

OPEC+ meeting: targets held steady

The seven core OPEC+ members (Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman) met online on November 1 and agreed to keep December production quotas at November levels, TASS reported, citing an official OPEC statement. The outcome matched earlier Reuters reporting based on sources, published by Investing.com.

According to TASS, the statement put Saudi Arabia's December quota at 10.478 million barrels per day and Russia's at 9.949 million. Reuters reported that most members are already pumping well below their targets because of export disruptions tied to the US-Iran war.

The group's next meeting is on November 29, TASS said. House of Saud reported that the full ministerial meeting that day is expected to review a capacity audit that will set 2027 baselines.

What analysts expect

BOK Financial: Dennis Kissler, senior vice president of trading, said traders will focus on oil flows out of the Middle East and a likely escalation by US and allied forces, CNBC reported on October 30.
Saxo Bank: In a briefing on Thursday, October 29, Saxo said crude could trade in a $70 to $90 range even after the conflict ends, compared with a pre-war range of $60 to $70, according to CNBC.
Goldman Sachs: In September, Goldman raised its Brent and WTI forecasts by $5 a barrel for December 2026 and 2027, citing expected shipping disruptions in the Middle East, Reuters via EnergyNow reported. In July, Goldman had said Brent could top $120 in the fourth quarter if Hormuz disruptions persisted, EnergyNow reported.
Bank of America: In the same September report, BofA warned further disruptions could push prices toward $120, and major infrastructure damage could take them to $150.

What it means for gas prices and inflation

US pump prices are high but have eased from September. AAA's national average for regular gasoline was about $4.18 a gallon as of October 31, with diesel at about $6.31, according to AAA. AAA had the average at $4.22 on October 29, and the EIA put regular at $4.269 as of October 26, JKN reported, after a September monthly average of $4.33.

Higher energy costs feed into transport, shipping and food prices, which adds to inflation. Read more on the US picture in our coverage of PCE inflation at 3.6% in September, and on why bonds have rallied in our piece on Treasury yields falling even as oil surges. Our explainer on how oil prices affect your wallet covers the everyday effects.

What to watch next

Hormuz shipping news, including whether maritime authorities confirm Iran's mine claims.
Market reaction to the OPEC+ decision when futures reopen on Sunday evening, US time.
The US midterms and the jobs report, which affect the dollar and growth expectations.
The weekly EIA inventory report on US crude and fuel stocks.

FAQ

Why are oil prices going up?

The main reason is the risk to supply through the Strait of Hormuz during the US-Iran war, plus attacks on tankers and Saudi facilities in late October. Traders pay a risk premium when supply could be cut.

What is the difference between Brent and WTI?

Brent is the global benchmark, based on oil from the North Sea. WTI (West Texas Intermediate) is the US benchmark, priced at Cushing, Oklahoma. Brent usually trades higher; on October 30 the gap was about $9 a barrel.

What did OPEC+ decide on November 1?

The core members agreed to keep December production quotas at November levels, TASS reported. The next meeting is on November 29.

How much oil goes through the Strait of Hormuz?

About 20 million barrels per day in 2024, roughly 20% of global consumption, according to the EIA.

Sources

This article is for informational purposes only and is not financial advice. Markets move quickly; check live prices before making decisions.