Brent Crude Approaches 4-Year High

2026-10-30 12:23 By Agna Gabriel 1 min. read

Brent crude rose above $113 a barrel on Friday, moving closer to the four-year high of $116.72 reached on October 23, as escalating geopolitical tensions raised concerns about potential supply disruptions.

The rally followed reports that a senior US military commander had briefed President Donald Trump on options for renewed strikes against Iran, while Trump has repeatedly threatened further military action.

Tehran, meanwhile, signalled that it would not soften its position on ending the conflict, despite confirming receipt of a letter from US Vice President JD Vance aimed at reviving peace negotiations.

Tensions around the Strait of Hormuz also intensified after two separate tanker incidents.

Elsewhere, Ukrainian forces reportedly struck a Russian refinery in the Samara region, while Moscow launched another overnight attack against Ukraine.

The developments have reinforced concerns over global oil supply security, with Brent crude gaining more than 15% in October.



News Stream
Brent Crude Approaches 4-Year High
Brent crude rose above $113 a barrel on Friday, moving closer to the four-year high of $116.72 reached on October 23, as escalating geopolitical tensions raised concerns about potential supply disruptions. The rally followed reports that a senior US military commander had briefed President Donald Trump on options for renewed strikes against Iran, while Trump has repeatedly threatened further military action. Tehran, meanwhile, signalled that it would not soften its position on ending the conflict, despite confirming receipt of a letter from US Vice President JD Vance aimed at reviving peace negotiations. Tensions around the Strait of Hormuz also intensified after two separate tanker incidents. Elsewhere, Ukrainian forces reportedly struck a Russian refinery in the Samara region, while Moscow launched another overnight attack against Ukraine. The developments have reinforced concerns over global oil supply security, with Brent crude gaining more than 15% in October.
2026-10-30
Brent Rises on Heightened Middle East Risks
Brent crude prices climbed above $112 per barrel on Friday, approaching four-year highs amid concerns that the US could resume military strikes against Iran following reports that a senior commander had briefed President Donald Trump on potential military options. Trump has repeatedly warned that airstrikes on Tehran could resume following next week’s midterm elections. Meanwhile, Iranian officials confirmed that US Vice President JD Vance had sent a letter aimed at restarting peace negotiations. The global oil benchmark has gained more than 10% in October as the US-Iran conflict continues, while clashes involving Saudi Arabia and Iran-backed Houthi forces have intensified. Threats to shipping through the Strait of Hormuz also remain high, with tankers continuing to come under attack. However, regional crude exports have rebounded to near prewar levels, as producers discreetly transport oil cargoes through the strategically important waterway.
2026-10-29
Brent Crude Eases Further from 4-Year High
Brent crude fell toward $114 a barrel on Thursday, moving away from four-year highs as markets weighed renewed diplomatic efforts to prevent further US military action against Iran. US Vice President JD Vance reportedly contacted Iranian officials, while Foreign Minister Abbas Araghchi said Tehran remained open to diplomacy. President Donald Trump confirmed communication with Iranian authorities, although he described the outreach as focused on medical supplies and acknowledged uncertainty over whether negotiations would succeed. Earlier, reports indicated that US officials advised regional allies to prepare for possible military operations after the November midterm elections. Meanwhile, Europe plans to release 42 million barrels of oil reserves over the next three months, including a substantial volume of diesel, as part of efforts to increase available supply and moderate energy costs.
2026-10-29