Key Highlights

● Crude climbed again on Friday, October 30, 2026.

● WTI settled at $104.12 and Brent at $113.43.

● Brent hit a four-year high of $116.72 earlier.

● The Iran war's effect on Hormuz shipping drives the rally.

Crude prices climbed again on Friday, October 30, 2026. December West Texas Intermediate rose $2.12 to settle at $104.12 a barrel, and January Brent closed at $113.43. Brent hit a four-year high of $116.72 on October 23. WTI rose steeply over October as a whole.

The main force behind the rally is the Iran war. Its effects on shipping through the Strait of Hormuz, one of the world's most important routes for oil tankers, have kept Supply fears elevated.

The week's flashpoints

Several developments pushed prices higher. Reports said the United States could resume strikes on Iran, after a military commander briefed President Trump on options. Tanker incidents continued in the Strait of Hormuz, and Iran claimed vessels had been struck by mines. A tanker was hit by limpet mines in the strait, according to reports.

Outside the Gulf, a Ukrainian strike hit a refinery in Samara, Russia, adding to supply concerns. Russia and Ukraine have traded strikes on energy infrastructure.

There were signals in the other direction too. Trump said the Iran war is "going to end soon," according to market data. Vice President JD Vance sent a letter to Tehran about reviving talks, though Iran said it won't soften its position, according to market data.

Winners and losers

Energy was the best-performing sector on Friday, as it has been for much of October. Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) briefly hit record highs after reporting strong quarters, with Exxon posting record refining results and Chevron reporting U.S. output above 2 million barrels of oil equivalent a day. ConocoPhillips (NYSE:COP) and EOG Resources (NYSE:EOG) hit 52-week highs.

Higher fuel costs hurt others. SkyWest (NASDAQ:SKYW) trimmed its 2026 Earnings outlook on fuel costs, with Brent above $113, and its shares fell sharply.

The broader market had a rough day. The S&P 500 fell 140.32 points to 7,580.07, the Dow lost 572.25 points to 51,770.31, and the Nasdaq Composite dropped 747.73 points to 25,437.00, its worst day since June 5. Intel (NASDAQ:INTC)'s cash-burn warning and Amazon (NASDAQ:AMZN)'s results set off a chip and AI selloff, and money rotated into energy, consumer staples, utilities and health care.

Oil and the Fed

Expensive oil also feeds into inflation, which is already a concern for the Federal Reserve. Fed Chair Kevin Warsh said this week: "But Inflation remains elevated." Thursday's data showed headline and core PCE inflation rising, and a market analyst said: "Both headline and core PCE rose to their highest levels since May, underscoring that inflation remains a stubborn issue."

Markets are pricing a December rate hike. Firm oil, along with the rate outlook, also weighed on precious metals: gold fell $132.50 to $3,898.90, a 52-week low. Natural Gas fell to $2.883, and copper slipped to $6.51 a pound.

What to watch

Oil's path into November depends largely on the Iran war. Any confirmation of renewed US strikes, further tanker incidents in Hormuz or progress on the talks Vance proposed could move prices sharply in either direction.

Investors will also watch EOG Resources' results on Thursday, November 5, the midterm elections on Tuesday, and the October jobs report on Friday, November 6. With energy leading the market and inflation still elevated, crude prices will remain central to both the stock rotation and the Fed's December decision.