Oil prices surged on Friday, October 30, 2026, driven by supply concerns following escalated attacks by Yemen's Iran-aligned Houthis on Saudi Arabia. The rise marked a fourth consecutive monthly gain and the steepest increase since July. Brent crude futures for December settled at $117.64 a barrel, up $2.76 or 2.4%, after reaching a high of $118. The January contract also climbed, gaining $2.63 to $113.43.
The market reaction came as traders anticipated a potential escalation in the Iran war following the US midterm elections. An attack on a tanker in the Strait of Hormuz further highlighted supply risks, contributing to the price jump. The gains reflected broader anxieties over disruptions in global oil supply chains.
Analysts noted that the price surge could have broader implications for energy markets and inflation, particularly if geopolitical tensions persist. The rise in oil prices also coincided with other significant market movements, including a sharp decline in tech shares and a new Series I bond rate announcement by the Treasury Department.