Key Highlights

● West Texas Intermediate rose $2.12 to $104.12 a barrel on Friday, October 30, 2026.

● Tanker trouble in the Strait of Hormuz lifted prices.

● Reports said the U.S. could resume strikes on Iran.

● Oil capped a strong month.

West Texas Intermediate crude for December delivery rose $2.12 to $104.12 a barrel on Friday, October 30, 2026, according to market data. Some price feeds showed a lower figure: the market data ticker and market data both displayed $102.95. Brent crude, the international benchmark, settled at $113.43 for its January contract, according to market data.

The gain capped a strong month for oil. WTI rose sharply in October, according to both market data and market data, though the two differed on the size of the gain.

Trouble in the strait

The Strait of Hormuz, the narrow waterway between Iran and Oman, is one of the world's most important routes for oil shipments, linking Persian Gulf producers to global markets. Any disruption there tends to lift prices quickly.

Friday brought several reports of trouble. Tanker incidents in the strait were among the main drivers of the move, and Iran claimed that vessels had been struck by mines. One report described a tanker hit by limpet mines in the strait. Those incidents added to fears that shipments could be delayed or halted.

The other major driver was reporting that the United States could resume strikes on Iran. According to those reports, a commander briefed President Donald Trump on options. The Iran war has been the main force behind oil's rise.

Trump struck a different tone in public remarks. He said the Iran war is "going to end soon," according to market data. Oil kept climbing anyway. Vice President JD Vance has sent a letter to Tehran about reviving talks, but Iran said it won't soften its position, according to market data.

A Ukrainian strike on a refinery in Samara, Russia, added to the Supply concerns.

Winners and losers

Energy was the best-performing sector on Friday. Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) rose and briefly hit record highs, helped by record refining results at Exxon. ConocoPhillips (NYSE:COP) and EOG Resources (NYSE:EOG) reached 52-week highs as oil climbed.

Higher fuel costs hurt others. SkyWest (NASDAQ:SKYW) trimmed its 2026 Earnings outlook, citing fuel costs, and its shares fell. Oil above $100 also feeds into Inflation worries at a time when the Federal Reserve is leaning toward raising rates.

The broader market

The rest of the market had a rough day. The S&P 500 fell 140.32 points to 7,580.07, the Dow Jones Industrial Average dropped 572.25 points to 51,770.31 and the Nasdaq Composite lost 747.73 points to 25,437.00, its worst day since June. Intel (NASDAQ:INTC)'s cash-burn warning set off a chip selloff, and a reported $6.3 billion hack of the Binance crypto exchange hit digital assets.

Gold and silver fell to 52-week lows, while Natural Gas slipped to $2.883.

What to watch

The Strait of Hormuz will remain the focus. Further tanker incidents or confirmation of US strikes on Iran could push prices higher, while progress on talks could ease them. Brent's four-year high of $116.72, set on October 23 according to market data, is a reference point for traders.

On the economic side, the October jobs report on Friday, November 6, and the Institute for Supply Management's surveys next week will show how the economy is coping with high energy costs. The Fed's December meeting will weigh those costs alongside inflation data that showed inflation at its highest level since May.