Brent hits six‑month high as tensions flare in Strait of Hormuz
Brent crude futures for December delivery settle at $117.64 a barrel, a six‑month peak, while West Texas Intermediate closes at $104.12, both rising over 2% on 31 Oct. Prices have surged 13.6% for Brent and 15.2% for WTI during October. Iran’s IRGC reports three vessels struck naval mines in the Strait of Hormuz, a claim the U.S. Central Command rejects, and an unidentified projectile has hit a tanker there. Europe prepares to release 42 million barrels of strategic reserves, and Saudi Aramco offers discounted spot cargoes to European buyers as traders brace for volatility ahead of the U.S. midterm elections.
Key facts
- A senior U.S. military commander briefed President Donald Trump on possible military options against Iran.
- The U.S. embassy in Riyadh advised non‑emergency staff and families to leave Saudi Arabia from 23 Oct due to security concerns.
- Oil traders anticipate a 13–14% month‑on‑month rise in Brent prices.
- Brent crude trades near $118 a barrel as of 30 Oct.
- European release of strategic reserves includes 21 million barrels of diesel.
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Why it matters
Higher oil prices and shipping risks could tighten global energy supplies.
What changed
First published from OilPrice.com and The Economic Times