Crude oil climbed toward $104 a barrel on Friday, Oct. 30, its highest since a four-month high of $105.83 on Sept. 15. Trading Economics put the price at $102.95 that day, up 0.93% from Thursday.
Traders had plenty to react to. Reports said a senior U.S. military commander had briefed President Donald Trump on options for renewed strikes against Iran, and Trump has repeatedly threatened more military action. Tehran signaled it would not soften its position on ending the conflict. It did confirm receiving a letter from Vice President JD Vance meant to revive peace talks.
Two separate tanker incidents raised tension around the Strait of Hormuz.
Elsewhere, Ukrainian forces reportedly hit a Russian refinery in the Samara region, and Moscow launched another overnight attack on Ukraine.
The monthly numbers
Crude gained 15% in October by one count. Trading Economics, using a contract for difference that tracks the benchmark, showed a 10.85% rise over the past month and 68.83% over the past year. The all-time high is 147.27, reached in July 2008.
A volatile spring
The Hormuz worry is not new. In the week of May 3 to 7, OilPrice.com reported, June West Texas Intermediate futures swung between $107.46 and $88.66 before settling near $97.
The strait was still closed then. About 20% of the world’s seaborne crude passes through it. On the Monday of that week, Iran launched missiles and drones at the United Arab Emirates near the Fujairah export hub, while U.S. naval forces stepped up operations to restore commercial shipping. Traders piled into crude futures on fears that millions of barrels a day could vanish from supply.
Sources
- Crude OilPrice – Chart – Historical Data – News
- Oil Prices Whipsaw as U.S.-Iran Conflict Shakes Markets | OilPrice.com
