SINGAPORE, Friday, October 30, 2026 — Brent crude climbed toward $118 a barrel on Friday, approaching a six-month high, as escalating attacks on Saudi Arabian energy infrastructure and mine strikes on tankers in the Strait of Hormuz deepened fears of a disruption to global oil supplies.
Brent futures traded past $117.50 during the day, after rising 86 cents, or 0.75 per cent, to $115.74 a barrel in early Asian trade, according to Reuters. US West Texas Intermediate crude rose alongside it, topping $103 a barrel. Both benchmarks were on course for a fourth consecutive monthly gain — their steepest since July — with Brent up nearly 14 per cent in October and WTI up around 15 per cent, on track for its first monthly close above $100 since April.
Attacks drive the rally
The latest leg of the rally followed claims by Yemen’s Houthi group on Thursday that it had attacked several sites across Saudi Arabia, including the Ras Tanura and Rabigh refineries and an Aramco facility in Abqaiq. The Saudi-led coalition separately said it had intercepted a cruise missile launched by the Houthis toward the kingdom’s western region, Reuters reported.
Traders were also rattled by incidents in the Strait of Hormuz, the narrow waterway through which a large share of the world’s seaborne oil passes. Iran’s Revolutionary Guard navy said three tankers caught fire after hitting mines while using what it called an “unauthorised” southern route, with a fourth vessel damaged east of the waterway. The UK Maritime Trade Operations agency separately reported a vessel on fire about 25 nautical miles northeast of Khasab, Oman, without stating a cause. The claims came a day after the US military said it had cleared key shipping routes through the strait, a position Tehran has disputed.
“Continued kinetic action around the Strait of Hormuz amidst doubts of a viable diplomatic pathway are keeping oil prices elevated in expectation of an escalation of the conflict in coming weeks,” Saul Kavonic, head of energy research at MST Marquee, told Reuters.
Gulf fallout widens
The supply scare is already rippling through the Gulf’s energy industry. ExxonMobil and Chevron have cancelled plans for their executives to travel to the United Arab Emirates’ biggest oil show next week, two sources familiar with the developments told Reuters.
The US government has also said oil companies have agreed to borrow about 40 million barrels of crude from the Strategic Petroleum Reserve, the last batch of the US share of a global deal aimed at controlling fuel prices, Reuters reported.
Diplomacy is running in parallel with military planning. Two regional sources told the Jerusalem Post that senior Saudi officials have asked the Trump administration for more time for diplomacy before any US strike on Iran, fearing Iranian retaliation against Saudi infrastructure. Separately, the Wall Street Journal reported that CENTCOM chief Admiral Brad Cooper briefed President Donald Trump on military options for Iran on Thursday, while Vice President JD Vance has written to Iran’s security chief Mohsen Rezaei seeking to revive talks.
What it means for consumers
For consumers across the Middle East and Asia, the rally points to higher fuel costs and renewed inflation pressure if prices hold near current levels. Analysts warned that any further disruption to Saudi exports or Hormuz shipping would push prices higher still.
