Oil Rises on Heightened Middle East Risks

2026-10-29 23:27 By Jam Kaimo Samonte 1 min. read

Crude oil prices climbed above $103 per barrel on Friday, hitting six-week 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 US 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.



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Crude oil prices climbed above $103 per barrel on Friday, hitting six-week 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 US 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.
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