Oil Prices Today, October 30, 2026: Brent Surges 1% Above $116, WTI Jumps 1.3% Past $103 As Houthi Attacks Stoke Supply Fears

Mumbai, October 30: Crude oil prices climbed on Friday, extending their monthly rally as escalating attacks by Yemen’s Iran-aligned Houthi group on Saudi Arabian energy infrastructure heightened concerns over potential disruptions to global supplies. Brent crude futures climbed 1% to $116.1 a barrel, while US West Texas Intermediate (WTI) crude rose 1.3% to $103.3. Both benchmarks were on course for a fourth consecutive monthly gain, with Brent heading towards its strongest monthly advance since July. 

The latest gains came amid mounting geopolitical risks in the Middle East, where attacks on critical energy installations and shipping routes have raised concerns about the security of crude supplies. Uncertainty surrounding diplomatic efforts to revive negotiations between Washington and Tehran has further supported prices, keeping a substantial geopolitical risk premium embedded in the market. 

Brent, WTI Head For Fourth Consecutive Monthly Gain 

Both contracts rose as Houthis continue to slam Saudi. Source: Oilprice.com 

For October, Brent crude was on course to register a nearly 14% increase, while WTI was heading towards a gain of around 15%, potentially closing above the $100-per-barrel mark for the first time since April. The sustained rally reflects growing concerns that an escalation of hostilities could disrupt production, exports and transportation from one of the world’s most important oil-producing regions. 

The benchmarks have remained elevated despite intermittent signs of progress towards diplomatic engagement between the United States and Iran. Traders are weighing the possibility of a negotiated settlement against the threat of further military action and attacks on energy infrastructure. 

On Thursday, however, oil prices had settled lower as hopes of renewed peace negotiations between Washington and Tehran temporarily eased concerns over supply disruptions. Brent futures settled down 44 cents, or 0.38%, at $114.88 a barrel, while WTI declined 78 cents, or 0.76%, to $102. The subsequent rebound highlights the market’s sensitivity to developments in the region. 

Also Read: How To Invest In Crude Oil

Houthi Attacks On Saudi Oil Infrastructure Raise Alarm 

The latest rally followed claims by Yemen’s Iran-aligned Houthi group that it had attacked several locations in Saudi Arabia, including the kingdom’s largest oil refinery at Ras Tanura, the Rabigh refinery and an Aramco facility in Abqaiq. 

A Saudi-led coalition separately said it had intercepted a cruise missile launched by the Houthis towards the kingdom’s western region. The developments have heightened concerns over the vulnerability of Saudi Arabia’s energy infrastructure, particularly given its importance as one of the world’s largest crude producers and exporters. 

MST Marquee Head of Energy Research Saul Kavonic said continued military activity around the Strait of Hormuz, coupled with doubts about the prospects for a viable diplomatic resolution, was keeping oil prices elevated amid expectations of further escalation in the coming weeks. 

The Strait of Hormuz remains a critical chokepoint for international energy trade, and any disruption to shipping through the passage could have significant implications for global crude availability, transportation costs and energy prices. 

US-Iran Diplomatic Efforts Remain Uncertain 

Meanwhile, diplomatic efforts to prevent a further escalation of the conflict have yet to produce a breakthrough. US President Donald Trump said on Thursday that Vice President JD Vance had reached out to Iran to facilitate the supply of medical assistance. This followed reports that Vance had written to Tehran’s top security official in an attempt to revive peace negotiations. 

Iran has acknowledged receiving the communication but has not responded, according to the semi-official Tasnim news agency. Tehran has maintained that Washington must meet its conditions for negotiations, indicating that a diplomatic resolution remains uncertain. 

Separately, Iran’s Revolutionary Guards said three tankers had struck sea mines, exploded and caught fire while attempting to use an unauthorised route south of the Strait of Hormuz. The claims add to concerns about the security of commercial shipping in the region. 

Oil Companies Cancel UAE Energy Event Travel 

Security concerns have also begun affecting the movement of executives from major international energy companies. ExxonMobil and Chevron have cancelled plans for their executives to travel to the United Arab Emirates for a major oil industry event scheduled for next week, two sources familiar with the developments told Reuters. 

The decision underscores the growing unease within the global energy industry over the deteriorating security environment in the Middle East. 

With attacks on energy installations continuing and diplomatic efforts yet to yield tangible results, traders are likely to remain focused on developments around Saudi Arabia and the Strait of Hormuz. Any further escalation could sustain upward pressure on crude prices, while credible progress towards a US-Iran agreement could ease some of the geopolitical premium currently built into the market. 

Source

•  oilprice.com