Oil Rises as Hormuz Tanker Attack Highlights Supply Risks

The latest report

Reuters reported on 30 October that oil prices rose as traders assessed the risk of further disruption to Gulf energy supplies. A tanker in the Strait of Hormuz was hit by explosive devices, according to the UK Maritime Trade Operations; responsibility for the attack was not immediately clear.

At 10:45 GMT, December Brent futures were up 2.4% at $117.62 a barrel, while WTI futures gained 2.1% to $104.18. Both benchmarks were on course for a fourth consecutive monthly gain.

What traders are watching

Diplomatic efforts and shipping security remain competing influences on the oil outlook. The December Brent contract expired on the report date, so its price should not be confused with the more actively traded January contract. These are dated reference prices, not live QMM execution quotes or a trading recommendation.