Oil prices set for sharp monthly rise on Hormuz strikes and US threat to hit Iran

Show caption: Vessels in the Strait of Hormuz. Reuters

Donald Trump says conflict 'will be wrapped up soon'

Oil prices jumped by more than 2 per cent on Friday, on pace for a fourth straight monthly gain, as a tanker was struck in the Strait of Hormuz and the US reiterated the possibility of renewing hostilities in Iran.

Brent, the benchmark for two thirds of the world's crude, was up 2.37 per cent at $117.56 a barrel at 7.32pm UAE time. West Texas Intermediate, the gauge that tracks US crude, added 2.13 per cent to $104.17 a barrel.

For the week, Brent is on track to increase by 0.64 per cent, while WTI would climb nearly 1 per cent. On a monthly basis, the benchmarks are on track to spike by about 15 per cent and 12 per cent, respectively.

Iran's Islamic Revolutionary Guard Corps on Friday said an oil tanker hit a naval mine on Friday while attempting to transit through an “unauthorised route” in the Strait of Hormuz.

That followed another tanker that was hit on Thursday night, which was hit by explosives attached to its hull by a small boat, not a projectile as first reported, the UK Maritime Trade Operations agency said on Friday.

US ​President ​Donald Trump, meanwhile, said on Friday he believed the ⁠war with Iran ​– which has entered its ninth month – will ⁠end soon, ‌without giving details on how.

His remarks come ahead ⁠of the critical US midterm elections on November 3. Mr Trump ⁠had previously said that Washington would not strike Iran before the polls, causing investors to brace for potential attacks soon.

Also on Friday, Qatari mediators returned to Tehran as part of continuing efforts to secure a deal between the US and Iran, an official briefed on the talks told Reuters.

Iran did not immediately comment publicly on the draft. However, an Iranian official told The National that his country “welcomes any efforts aimed at negotiations, talks or collective consultation”.

Fears of US strikes on Iran kept upwards pressure on crude, “keeping supply risk premiums elevated despite earlier diplomatic outreach efforts”, said Ryan McDaniel, president of Duncan Oil Company.

Updated:

October 30, 2026, 3:33 PM