Brent Holds Above $112 on Friday, Up Nearly 11% in October as Hormuz Incidents Continue

Brent crude stayed above $112 a barrel in trading on Friday, October 30, 2026 (8 Aban 1405). Khabar Online, citing Reuters and ISNA, reported that the December Brent contract, which expires today, rose $1.20 (1.04 percent) to $116.08, while the more active January contract gained $1.39 to $112.19. US West Texas Intermediate rose $1.37 (1.34 percent) to $103.37. Mehr News Agency also reported Brent above $112 and WTI above $103 the same day.

In October, Brent is up nearly 11 percent and WTI 14 percent. The UK Maritime Trade Operations (UKMTO) reported on Friday an incident involving a tanker in the Strait of Hormuz. Reuters, citing two sources, reported that ExxonMobil and Chevron have cancelled their executives' travel to the UAE's largest oil exhibition next week over security concerns. Ole Hansen of Saxo Bank said he expects crude to trade in a $70 to $90 range even after the fighting ends, against $60 to $70 before the war.