Oil Prices Jump After Tanker Attack in Strait of Hormuz

Oil prices climbed on Friday, 30 October 2026, after a tanker was struck in the Strait of Hormuz, the waterway for Gulf crude and fuel shipments. The attack renewed fears of disruption to Gulf shipping while the region’s war keeps energy markets on edge.

Brent crude futures for December rose 1.98 percent to 117.15 dollars a barrel in morning trading in London. United States West Texas Intermediate crude gained 1.75 percent to 103.79 dollars a barrel. Both benchmarks were heading for a fourth consecutive monthly increase, with Brent about 13 percent higher in October and West Texas Intermediate about 15 percent higher.

FAKTA

• What happened: A tanker in the Strait of Hormuz was hit by explosive devices attached by a small boat, according to the United Kingdom Maritime Trade Operations (UKMTO). An engine-room fire temporarily disabled the vessel, which later continued its journey.
• Who was responsible: It was not immediately clear who carried out the attack.
• Market reaction: Brent rose 1.98 percent to 117.15 dollars a barrel; West Texas Intermediate rose 1.75 percent to 103.79 dollars.
• Why it matters: The strait is the sea outlet for Gulf crude and fuel, so any threat to shipping there quickly feeds into global prices.

Attack in a vital waterway

The United Kingdom Maritime Trade Operations said a small boat attached explosive devices to the tanker as it passed through the strait. The blasts and fire left the vessel temporarily unable to proceed, although it was later able to continue its voyage.

The strait, between Iran and Oman, is one of the most important shipping routes in the world for crude oil and refined products. Traders therefore treat any incident there as a direct risk to supply. Shipping companies also face higher insurance and operating costs if attacks in the region continue.

Why the Hormuz tanker attack rattled markets

The attack came as oil prices were already elevated after months of conflict in the Middle East. The war involving the United States, Israel and Iran has entered its eighth month, and traders are bracing for a possible escalation after the United States midterm elections. Reports of Houthi attacks on Saudi energy targets have added to the worries.

Ole Hansen, head of commodity strategy at Saxo Bank, told a media briefing in Singapore that crude could trade in a higher range of 70 to 90 dollars a barrel once the conflict ends, compared with 60 to 70 dollars before the war began. He warned that prices could become even more volatile in the next couple of weeks around Israel’s parliamentary election and the United States midterm vote.

What happens next

Energy markets will now watch for further incidents around the Strait of Hormuz. A single attack has pushed Brent toward 117 dollars, and repeated disruption could keep prices elevated even if global demand softens. Until shipping through the strait is safe again, every report of an incident there is likely to move prices. More international business coverage is available on Watan News International.