Singapore / London, October 30, 2026 — Global oil prices rose on Friday, set for a fourth consecutive monthly gain, as attacks on tankers in the Strait of Hormuz underscored continuing supply risks from the months-long conflict involving Iran.
Brent crude briefly topped $117 a barrel, remaining more than 60 percent higher than pre-conflict levels. Despite a recovery in Gulf oil exports through alternative routes and ship-to-ship transfers, markets continue to carry a significant risk premium. Analysts say prices are reflecting the possibility of renewed escalation rather than current physical shortages alone.
The International Energy Agency has warned that energy markets are unlikely to return to normal in 2027. Higher fuel costs are feeding into inflation pressures worldwide, raising shipping expenses and tightening monetary conditions in many economies. Gulf producers have adapted by rerouting some cargoes, yet the Strait of Hormuz remains a critical chokepoint for roughly one-fifth of global seaborne oil and gas.
Traders are also watching the outcome of Israel’s election and upcoming US midterm elections for signals on whether diplomatic efforts can ease the conflict or whether further military action is likely.
