Global Oil Prices Rise More Than 2% in a Day

Global oil prices rose by more than 2% in a single day on Friday, October 30, pushing crude oil prices to their highest level since late April.

Concerns over a possible escalation of the conflict involving Iran following the US midterm elections, along with an attack on an oil tanker in the Strait of Hormuz, have renewed fears about global energy supplies.

Market participants believe that rising military tensions in the Middle East could disrupt oil supplies. In particular, growing security risks along vital shipping routes such as the Strait of Hormuz could put further upward pressure on international oil prices.

Brent crude futures for December delivery, which expired on Friday, rose by $2.76, or 2.4%, to $117.64 per barrel. Prices briefly reached $118 during the trading session.

Meanwhile, the more actively traded January Brent futures contract climbed $2.63 to $113.43 per barrel.

US West Texas Intermediate (WTI) crude futures also moved higher. The contract rose by $2.12, or 2.08%, to $104.12 per barrel.

Oil prices also recorded substantial gains over the course of October. Brent crude rose by 13.6% during the month, while US WTI crude gained 15.2%.

Market volatility has been driven by the conflict in the Middle East, uncertainty over supplies from oil-producing regions, and concerns about the security of critical maritime routes.

Dennis Kissler, senior vice president of trading at BOK Financial, said traders would closely monitor oil supply conditions in the Middle East and potential military activity by the United States and its allied forces.