Oil prices climbed again on Friday 30 October 2026 as attacks on Saudi Arabia kept supply fears in focus, putting crude on course for a fourth consecutive monthly gain. Brent crude futures rose 86 cents, or 0.75%, to $115.74 a barrel as of 0122 GMT in early trade. US West Texas Intermediate crude futures rose 72 cents, or 0.71%, to $102.72 at the same time.

Why prices are rising

The rise followed Yemen's Iran-aligned Houthis stepping up attacks on Saudi Arabia; on Thursday the group claimed attacks on Saudi oil installations including the Ras Tanura and Rabigh refineries and an Aramco facility in Abqaiq. MST Marquee head of energy research Saul Kavonic was quoted as saying continued military activity around the Strait of Hormuz and doubts over a viable diplomatic pathway were keeping prices elevated on expectations of escalation in coming weeks.

A remarkable month for crude

Brent was on course for a gain of nearly 14% in October, and WTI for a jump of about 15%. Both benchmarks were on course for their fourth consecutive monthly gain, and their steepest monthly gains since July. WTI was heading to close above $100 for the first time since April.

This is the Friday rebound, distinct from Thursday's easing already covered on this site, when diplomacy hopes briefly cooled supply fears. The underlying tension has not gone away, and for motorists and energy-importing countries, a fourth monthly gain means the pressure on fuel costs is building again rather than easing.

Sources: Reuters and Business Today Malaysia.