Oil Prices Hit Six-Month High After Hormuz Tanker Attack

Global oil prices reached a six-month high on October 30, 2026, after a tanker was attacked in the Strait of Hormuz. Brent crude reached 117.64 U.S. dollars per barrel, while the U.S. benchmark West Texas Intermediate settled at 104.12 dollars, its highest level since mid-September.

The UK Maritime Trade Operations reported that a small boat attached two limpet mines to the vessel's hull, causing an engine-room fire that temporarily disabled the ship. This marked the first successful limpet-mine strike since the war began in February. However, the Islamic Revolutionary Guard Corps disputed this account, claiming the vessel struck a naval mine while traveling on an unauthorized route.

Market volatility is being driven by the upcoming November 3 U.S. midterm elections and concerns that the United States may resume military strikes against Iran. While the price surge benefited exporters like Guyana and Nigeria, Latin American oil shares lagged. Petrobras shares in Brazil declined 15.71% over five sessions as investors feared state influence over fuel pricing following the election victory of Luiz Inácio Lula da Silva.