Key Highlights

● President Trump said the Iran war is going to end soon.

● Oil still rose on Friday, October 30, 2026.

● WTI gained $2.12 to $104.12.

● Brent settled at $113.43.

President Donald Trump said the Iran war is "going to end soon," according to market data. On Friday, October 30, 2026, oil markets did not act as if they believed an end was near.

West Texas Intermediate crude for December delivery rose $2.12 to $104.12 a barrel, according to market data. Brent Crude for January delivery settled at $113.43, according to market data, not far from its four-year high of $116.72 reached on October 23.

Reports of possible strikes

One reason prices kept rising was a set of reports pointing in the opposite direction from Trump's remarks. According to those reports, the United States could resume strikes on Iran, and a commander briefed Trump on options. For oil traders, the prospect of renewed military action raised the risk of further disruption to supplies from the region.

The Iran war has been the main driver of oil's rise. WTI climbed steeply over October, according to market data, which reported different sizes for the monthly gain.

Trouble at sea

The second reason was the Strait of Hormuz. The narrow waterway is a vital route for tankers carrying crude from Persian Gulf producers, and incidents there were among the main drivers of Friday's move. Iran claimed that vessels had been struck by mines, and one report described a tanker hit by limpet mines.

Shipping disruptions can have an immediate effect on prices because they threaten the physical flow of oil, regardless of what leaders say about the war's direction.

Diplomatic signals were also mixed. Vice President JD Vance sent a letter to Tehran about reviving talks, according to market data. But Iran said it won't soften its position. With no clear path to negotiations, the market had little reason to price in a quick resolution.

A Ukrainian strike on a refinery in Samara, Russia, added another layer of Supply risk.

Who gained and who lost

Energy stocks led the market on Friday. Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) briefly hit record highs, and ConocoPhillips (NYSE:COP) and EOG Resources (NYSE:EOG) reached 52-week highs. SkyWest (NASDAQ:SKYW), a regional airline, trimmed its 2026 Earnings outlook because of fuel costs, and its shares fell.

The broader market had its worst session since June. 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. Intel (NASDAQ:INTC)'s cash-burn warning set off a chip selloff, and energy, consumer staples, utilities and health care were among the few sectors to rise.

High oil prices feed into inflation, which is already a concern. September's personal consumption expenditures index showed headline and core Inflation at their highest levels since May. "Both headline and core PCE rose to their highest levels since May, underscoring that inflation remains a stubborn issue," said a market analyst, according to market data.

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 gap between Trump's comments and the market's behavior will be tested in the days ahead. Any move toward talks, or a halt to tanker incidents, could ease prices. Confirmation of US strikes on Iran, or more trouble in the Strait of Hormuz, could push Brent toward its October 23 high.

The midterm elections on Tuesday, November 3, and the October jobs report on Friday, November 6, are also on the calendar, and both could influence how investors weigh the risks around energy and the economy.