Brent Crude Oil Price: $116 on Friday After the Hormuz Mine…
By Tobi Opeyemi Amure
AI summary of the source article
Brent crude rose to $116.08 a barrel, heading for a nearly 11 percent gain in October. The increase follows reports of tanker attacks and mine strikes near the Strait of Hormuz, alongside regional geopolitical tensions.
Why it matters
Higher oil also matters beyond energy: it feeds the inflation data that has pushed December Fed hike odds to about 75 percent and gold below $4,000
Key facts
- Brent crude's December contract traded up 1.04 percent at $116.08 a barrel, marking its fourth consecutive monthly rise.
- Iran claimed multiple tankers struck mines near the Strait of Hormuz, while UKMTO reported a separate tanker was hit by explosive devices.
- Higher oil prices are feeding inflation data that has pushed December Federal Reserve rate hike odds to about 75 percent.
Source excerpt · FinanceFeeds
Updated 30 October 2026. Brent crude's December contract, which expires on Friday, was up $1.20 or 1.04 percent at $116.08 a barrel at 3:23 am GMT, while the more active January contract was up $1.39 at $112.19 and WTI up $1.37 at $103.37 (Reuters). Brent is on track for a gain of nearly 11 percent in October, its fourth straight monthly rise . Verdict: Iran's claim that tankers struck mines south…