Brent and WTI close October sharply higher

Oil prices rose again on Friday 30 October, closing a month of steep gains driven by concern that a renewed confrontation between the United States and Iran could disrupt supplies from the Middle East. Brent crude for December delivery, which expired on Friday, settled at $117.64 a barrel, up 2.4% on the day, while the January contract settled at $113.43. US benchmark West Texas Intermediate (WTI) for December delivery gained 2.1% to settle at $104.12 a barrel.

The moves capped a fourth consecutive weekly gain for both benchmarks and a fourth straight monthly gain. WTI rose around 15% across October, its strongest monthly advance since July, with Brent up by a similar amount over the month, according to market reports of the settlement. Brent touched $118 during Friday's session, its highest level since late April.

Why traders are pricing in a supply risk

Traders have been watching shipping through the Strait of Hormuz, a narrow waterway carrying a large share of the world's seaborne oil, after a series of attacks on tankers and claims of further incidents in the Gulf. Even without confirmed production outages, the market has added a premium for the risk that transport through the region could be disrupted.

Analysts cited in Friday's coverage were split on the outlook: some warned Brent could move towards $120 if shipping attacks escalate, while others expected prices near $110 by year-end, arguing that Gulf output has not fully recovered from earlier disruption. For households and businesses, the immediate question is whether sustained crude prices near these levels feed through into fuel and energy costs in the weeks ahead.

Sources: Rigzone (Bloomberg), DTN Progressive Farmer. Second source: https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2026/10/30/wti-15-october-fears-iran-war