Oil prices soar 14% in October to 6-month high as US weighs fresh Iran
Benchmarks Nifty23,053.10116.35FEATURED FUNDS★★★★★UTI Aggressive Hybrid Fund Regular Plan-Growth5Y Return9.02 % Invest NowFEATURED FUNDS★★★★★Motilal Oswal Midcap Fund Direct-Growth5Y Return18.55 % Invest NowEnter search…
Brent crude rose 13.6% in October to settle at a six-month high of $117.64 a barrel, as fears of fresh US strikes on Iran and threats to shipping through the Strait of Hormuz fuelled supply concerns. Analysts warn of further volatility, with Goldman Sachs flagging a possible rise to $120.
Listen to this article in summarized format
Loading...×Oil prices climbed more than 2% on Friday, settling at a six-month high, as concerns over a possible escalation in the Iran war after the US midterm elections added to supply worries.Crude oil price this week
Brent crude futures for December delivery rose $2.76, or 2.4%, to settle at $117.64 a barrel after touching an intraday high of $118 on Friday. The more actively traded January contract gained $2.63 to $113.43 a barrel. US West Texas Intermediate (WTI) crude futures advanced $2.12, or 2.08%, to close at $104.12. For October, Brent gained 13.6%, while WTI advanced 15.2%.The gains followed a Wall Street Journal report that a senior US military commander had briefed US President Donald Trump on potential military options on Thursday. Trump has repeatedly indicated that he could resume airstrikes on Tehran after next week's midterm elections.
Security risks in the Strait of Hormuz came back into focus after an unidentified projectile hit a tanker on Thursday as it completed its outbound passage through the waterway, according to the UK Maritime Trade Operations (UKMTO). The incident highlighted the continuing threat to shipping, despite producers having resumed cargo movements through the strait.
The US has directed non-emergency government employees and their family members to leave Saudi Arabia from October 23, citing security concerns. The US embassy in Riyadh announced the decision on Friday, referring to Houthi attacks on civilian airports and other critical infrastructure, Reuters reported.
Live Events
Yemen's Iranian-backed Houthi militants said on Thursday that they had targeted several locations in Saudi Arabia, including the Ras Tanura and Rabigh refineries, along with a production facility at Abqaiq operated by state-owned Saudi Aramco. A Saudi-led coalition also reported intercepting a cruise missile launched by the Houthis towards the kingdom's western region.
Meanwhile, Qatari mediators returned to Tehran on Friday as part of coordinated efforts to secure an agreement between Washington and Tehran, an official briefed on the discussions told Reuters.
Also read: Oil-to-chemicals business powers Reliance Industries' record quarterly net profit, up 34% to ₹29,550 crore
US President Donald Trump said on Thursday that Vice President JD Vance had contacted Iran to help arrange medical supplies. This followed US media reports that Vance had written to Iran's top security official in an effort to restart peace negotiations.
Where are prices headed?
Per a Reuters report, Oil markets could see further volatility over the next couple of weeks amid Israel's recent elections and the US midterm elections scheduled for November 3, according to a briefing by Saxo Bank on Thursday. The Danish bank expects crude prices to remain in a higher range of $70 to $90 a barrel even after the conflict ends, compared with the pre-war range of $60 to $70.Uncertainty over the course of the conflict continues to make it difficult to assess the outlook for oil markets. JPMorgan analysts said the trajectory of the war remained unclear. At the start of the conflict, the bank had expected the US administration to avoid crossing certain economic thresholds. However, seven months later, several of those thresholds had been breached, with no clear strategy yet in place to end the conflict.
The threat of further supply disruptions has added to expectations of higher crude prices. Daan Struyven, co-head of global commodities research at Goldman Sachs, said recent attacks had shown how disruptions to shipping could spread and become more severe. Goldman Sachs estimates that oil prices could climb to $120 a barrel if attacks on vessels in the Middle East intensify. However, prices could decline towards $80 a barrel if exports return to normal.
Struyven said shipping-related risks had become a key factor influencing oil prices, adding that Goldman Sachs sees significant upside potential for crude. The bank also expects natural gas and refined fuel prices to rise, as disruptions to supply tend to have a greater impact on gas and refined products than on crude oil.
Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.
Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our ETMarkets WhatsApp channel)
Read More News oncrude oil pricesBrent crude priceoil prices October 2026Iran war impact on oilStrait of Hormuz supply disruptionUS Iran tensionsGoldman Sachs oil price forecastcrude oil price outlook
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
...moreless(You can now subscribe to our ETMarkets WhatsApp channel)
Read More News oncrude oil pricesBrent crude priceoil prices October 2026Iran war impact on oilStrait of Hormuz supply disruptionUS Iran tensionsGoldman Sachs oil price forecastcrude oil price outlook
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
...morelessPrime ExclusivesInvestment IdeasStock Report PlusePaperWealth EditionCan new data protection law guard against SBI-like data breaches?
KYB and KYC: Quick commerce, the Damani premium and what DMart must deliver – 3rd and concluding part
The tough business behind the walls
KYC and KYB: Inside Damani’s DMart, the retail chain for the middle class. And stock for the long term? – Part 2 of 3
Will it be a regulatory nightmare if an exchange lists on its own platform?
KYC and KYB: Inside Damani’s Avenue Supermarts that refuses to charge more – Part 1 of 3
- 1
- 2
- 3
& personalised newslettersLogin NowUnlimited AccessStarting @ Rs120/monthGet access to exclusive stories, expert opinions &
in-depth stock reportsSubscribe NowET
Unlock Access to All Exclusives with ETPrime FREE TRIAL
15 Days Free: Unlock All ETPrime Exclusives, Market Tools & ePapers
Trial offer expiring in00 : 05 : 00
I'd rather pay ₹2599 nowUh-oh! This is an exclusive story available for selected readers only.
Worry not. You’re just a step away.
Prime Account Detected!
It seems like you're already an ETPrime member with
Login using your ET Prime credentials to enjoy all member benefits
Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.
Unlock ETPrime's Exclusive Stories Today!
Big Price Drop! Flat 40% Off
Student Only OfferAlready a Member? Sign In nowAlready a Member? Sign In nowAlready a Member? Sign In nowOffer Exclusively For You
Save up to Rs. 700/-
ON ET PRIME MEMBERSHIP
Avail OfferOffer Exclusively For You
Get 1 Year Free
With 1 and 2-Year ET prime membership
Avail OfferOffer Exclusively For You
Get 1 Year Free
With 1 and 2-Year ET prime membership
Avail OfferOffer Exclusively For You
Get Flat 40% Off
Then ₹ 1749 for 1 year
Avail OfferOffer Exclusively For You
ET Prime at ₹ 49 for 1 month
Then ₹ 1749 for 1 year
Avail OfferSpecial Offer
Get flat 40% off on ETPrime
Avail OfferAvail OfferClaim NowAlready a Member? Sign In nowNeed Assistance?
Connect with an ETPrime expert for personalized support and guidance
+91 9484700004'; }); } if(listing) { var h3 = "You tried reading " + listArr.length + " locked stories in the past " + threshold + " days.", h4 = "Become an ET Prime member and don't miss out on these exclusive stories."; var html = '' + h3 + '
' + h4 + '
- ' + listing + '
What’s Included with
ETPrime Membership
1Exclusive Insights That Matter
Uncover the truth with our investigative stories
Make strategic moves using the real-world case studies
Read industry-specific stories to identify emerging trends
Spot opportunities with in-depth insights that matter
Trump temper on H-1B visas is forcing Indians to do these things to stay put in US
What Adani’s US indictment means for India Inc’s overseas fundraising
Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer.
Will China’s dollar bond sale in Saudi Arabia trump the US in financial world?
Huawei launches its own OS to compete with Google and Apple. But can it win beyond China?
The problem with lab grown diamonds
Why a falling rupee is a better option for the economy
A list of top 20 momentum stocks that have delivered massive returns in one year
2Invest Wisely With Smart Market Tools & Investment Ideas
Alpha Trade
Get daily trade ideas from SEBI-registered research analysts.
Investment Ideas
Grow your wealth with stock ideas & sectoral trends.
Stock Reports Plus
All-in-one stock research with Stock Score, peer comparison & key signals.
BigBull Portfolio
Get to know where the market bulls are investing to identify the right stocks.
Stock Analyzer
Check the score based on the company's fundamentals, solvency, growth, risk & ownership to decide the right stocks.
Market Mood
Analyze the market sentiments & identify the trend reversal for strategic decisions.
Stock Talk Live at 9 AM Daily
Ask your stock queries & get assured replies by ET appointed, SEBI registered experts.
3Stay informed anytime, anywhere with ET ePaper
ePaper - Print View
Read the PDF version of ET newspaper. Download & access it offline anytime.
ePaper - Digital View
Read your daily newspaper in Digital View & get it delivered to your inbox everyday.
Wealth Edition
Manage your money efficiently with this weekly money management guide.
TOI ePaper
Read the PDF version of TOI newspaper. Download & access it offline anytime.
Deep Explainers
Explore the In-depth explanation of complex topics for everyday life decisions.
Health+ Stories
Get fitter with daily health insights committed to your well-being.
Personal Finance+ Stories
Manage your wealth better with in-depth insights & updates on finance.
5Enjoy Complimentary Subscriptions From Top Brands
Stream new documentaries from all across the world every day.
Stories you might be interested in
Figures reflect the source report and its stated period. This article is for information and is not investment advice.
