Oil prices surged on Friday, October 30, 2026, as reports suggested the United States might resume military strikes against Iran, raising concerns over regional stability and energy supply disruptions. West Texas Intermediate (WTI) climbed toward US$103 a barrel, while Brent crude settled near US$115. The Wall Street Journal reported that a top commander briefed President Donald Trump on military options on October 29, with indications that airstrikes against Tehran could resume after the midterm elections on November 3.
In Iran, Parliament Speaker Mohammad Bagher Ghalibaf stated that the country’s positions on ending the war would not be compromised, following confirmation that US Vice-President J.D. Vance had sent a letter to revive peace negotiations. Despite the ongoing conflict, global benchmark Brent has rallied 11% in October, reaching a six-month high. The gains came even as producers managed to ship cargoes through the Strait of Hormuz, despite elevated risks highlighted by an attack on a tanker on October 29.
Amid heightened security concerns, ExxonMobil Holdings and Chevron canceled plans to attend the ADIPEC oil conference in Abu Dhabi in November. Meanwhile, US midterm elections, which will determine control of Congress, have seen national polls indicating voter dissatisfaction with the war in Iran and rising living expenses, including fuel costs. Average diesel prices have risen nearly 80% in 2026, hitting a record in September.
In Israel, Prime Minister Benjamin Netanyahu and his allies secured 53 seats in the general election held this week, falling short of a majority. The oil supermajors are set to conclude their earnings reports this week, with results from ExxonMobil and Chevron due later on October 30. Shell’s CEO, Wael Sawan, noted that current oil prices no longer appear temporary due to depleted global inventories.