Brent crude rises to $118 a barrel, highest in six months

NEW YORK/LONDON: The price of Brent crude in the world market rose to $118 a barrel on Friday, 30 October 2026, the highest level in the past six months. Brent became about 2.5 per cent more expensive in a single day, while US crude WTI rose 2.30 per cent to $104 a barrel.

The rise in prices is being attributed to fresh attacks on commercial ships in the Strait of Hormuz and on energy facilities in Saudi Arabia, and to fears of possible US action against Iran.

According to a Wall Street Journal report, President Donald Trump is being briefed on military options against Iran. He has kept open the possibility of resuming action after the 3 November midterm elections.

No progress is visible on the diplomatic front. US Vice President JD Vance’s letter to the Iranian leadership has so far received no reply. Tehran’s position is that, for talks to take place, the US ban on Iranian oil exports must be lifted and frozen Iranian funds released.

According to JP Morgan expert Natasha Kaneva, her model puts the base price of Brent at about $94. This means the market price is well above it.

According to Bloomberg, the latest data from the International Energy Agency show that readily usable oil stocks on land are close to their lowest level since at least 2016. The market is therefore vulnerable to any new disruption.

According to Kpler figures, oil exports from the Gulf have risen above the pre-war level of 23.3 million barrels a day. However, according to Morgan Stanley analysts, overall supply, including deliveries to refineries, is lower than last year.

According to UBS’s Dominic Ellis, senior officials of Exxon and Chevron have cancelled their attendance at the ADIPEC conference to be held in Abu Dhabi next week.