{"id":4338,"date":"2026-10-30T16:02:20","date_gmt":"2026-10-30T16:02:20","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/10\/30\/oil-set-for-fourth-monthly-gain-as-hormuz-tanker-attack-highlights-supply-risks-businessday-ng\/"},"modified":"2026-10-30T16:02:20","modified_gmt":"2026-10-30T16:02:20","slug":"oil-set-for-fourth-monthly-gain-as-hormuz-tanker-attack-highlights-supply-risks-businessday-ng","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/10\/30\/oil-set-for-fourth-monthly-gain-as-hormuz-tanker-attack-highlights-supply-risks-businessday-ng\/","title":{"rendered":"Oil set for fourth monthly gain as Hormuz tanker attack highlights supply risks \u2013 Businessday NG"},"content":{"rendered":"

Oil prices rose on Friday and were on track for a fourth monthly gain \u200bas traders braced for a potential escalation in the US-Iran conflict after the US midterm elections, with an attack on a tanker in the \u200cStrait of Hormuz highlighting supply risks from the war.<\/p>\n

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Brent crude futures for December , which expire on Friday, were up $2.26, or 2%, at $117.14 a barrel as of 1236 GMT. The more active January contract gained $2.30 to $113.10.<\/p>\n

US West Texas Intermediate (WTI) crude futures climbed $1.94, or 1.9%, to $103.94.
For the month, Brent was on course to finish 13% higher, while WTI was heading for \u200ba 15% jump.<\/p>\n

\u201cThe oil market is getting increasingly spooked as we approach the midterms,\u201d said Ole Hansen, head of commodity strategy at Saxo \u200bBank. Some investors and analysts are expecting another resumption of US attacks on Iran after the elections, he said.<\/p>\n

On Friday, a \u2060tanker in the Strait of Hormuz \u2014 the key sea outlet for Gulf crude and fuel supplies \u2014 was hit by explosive devices attached by a small boat, \u200bthe UKMTO said. It was not immediately clear who was behind the attack.<\/p>\n

It was the first known successful strike using limpet mines, explosives which are attached \u200bto a ship\u2019s hull by a small boat, in the waterway since the US war with Iran began in February, maritime sources said.<\/p>\n

\u201cContinued kinetic action around the Strait of Hormuz amidst doubts of a viable diplomatic pathway are keeping oil prices elevated in expectation of an escalation of the conflict in coming weeks,\u201d said Saul Kavonic, head of energy research \u200bat MST Marquee.<\/p>\n

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Businessday NG<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil prices rose on Friday and were on track for a fourth monthly gain \u200bas traders braced for a potential escalation in the US-Iran conflict after the US midterm elections,… <\/p>\n","protected":false},"author":1,"featured_media":4339,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/4338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=4338"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/4338\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media\/4339"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=4338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=4338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=4338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}