Key Highlights

● Brent for January delivery settled at $113.43 on Friday, October 30, 2026.

● Brent remains near its recent highs.

● West Texas Intermediate gained $2.12 to $104.12.

● Hormuz tensions drove the rally.

Brent crude for January delivery settled at $113.43 a barrel on Friday, October 30, 2026, according to market data, up on the day. The benchmark, which prices much of the oil traded around the world, remains near its four-year high of $116.72, set on October 23, according to market data.

US crude rose as well. West Texas Intermediate for December delivery gained $2.12 to $104.12 a barrel, according to market data.

Different contracts, different prices

Reports on Brent's price varied, largely because of which Futures Contract they tracked. market data and market data quoted prices between $117.64 and $117.80, figures that probably reflected the expiring December contract. market data showed $112.33. A headline from House of Saud said Brent moved past $117 during the session, while market data showed a range of $112 to $115.

The $113.43 settlement refers to the January contract, which has become the main reference point as December expires. The spread between contracts reflects how tight traders believe near-term supplies are.

Why Hormuz matters

The Strait of Hormuz connects the Persian Gulf to the open ocean and is one of the world's most important chokepoints for oil. A large share of Middle Eastern crude passes through it on tankers bound for Asia, Europe and beyond, so trouble in the strait can quickly affect global supply.

Tensions there flared again on Friday. Tanker incidents were among the main drivers of the rally, and Iran claimed that vessels had been struck by mines. One report described a tanker being hit by limpet mines. Separately, reports said the United States could resume strikes on Iran, with a commander briefing President Donald Trump on options.

Trump said the Iran war is "going to end soon," according to market data. Vice President JD Vance has sent a letter to Tehran about reviving talks, but Iran said it won't soften, according to market data. Those mixed signals did little to calm the market.

A Ukrainian strike on a refinery in Samara, Russia, added to concerns about supply.

Ripple effects

High oil prices helped energy stocks, the best-performing sector on Friday. Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) briefly hit record highs. Airlines felt the pinch: SkyWest (NASDAQ:SKYW) trimmed its 2026 Earnings outlook on fuel costs, with Brent above $113, and its shares fell.

The rest of the stock market struggled. 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.

Oil above $100 adds to Inflation pressures that are already worrying policymakers. September's personal consumption expenditures index showed inflation at its highest level since May. The Federal Reserve left its benchmark rate range unchanged at its October 27-28 meeting, but markets are pricing in a December hike, according to CME FedWatch data cited by market data.

What to watch

The key question is whether Brent can break above its October 23 high of $116.72. Further incidents in the Strait of Hormuz or confirmation of US strikes on Iran would add upward pressure, while signs of progress in talks could ease it.

Economic data will also matter. The October jobs report on Friday, November 6, and the Institute for Supply Management's surveys next week will show how businesses and consumers are coping with high energy costs heading into the Fed's December meeting.