# Oil prices hit six-month high on Hormuz strikes and US threat to hit Iran | The National

> Brent crude rose 2.4% to $117.64 a barrel after briefly touching $118, its highest level since April. The move followed Hormuz strikes and a US threat to hit Iran. WTI settled at $104.12 after gaining about 2%.

- Date: 2026-10-30 · published 2026-10-31T10:05:52.342Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/2965-oil-prices-hit-six-month-high-on-hormuz-strikes-and-us-threat-to-hit-iran-the
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Disruption risk in the Strait of Hormuz threatens energy flows and raises input and freight costs across agriculture, supporting grain and oilseed prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-09-14 | [Oil prices rise ahead of deadline for US sanctions on Iran \| The National](https://feedsoft.ai/events/63206-oil-prices-rise-ahead-of-deadline-for-us-sanctions-on-iran-the-national.md) | +1.2% | +3.7% |
| BRENT | 2026-04-02 | [Oil prices jump and shares drop after Trump threatens more Iran strikes](https://feedsoft.ai/events/12922-oil-prices-jump-and-shares-drop-after-trump-threatens-more-iran-strikes.md) | -2.8% | +8.2% |
| BRENT | 2025-06-23 | [South African rand drops to one-month low after US strikes Iran](https://feedsoft.ai/events/24501-south-african-rand-drops-to-one-month-low-after-us-strikes-iran.md) | -11.9% | -9.9% |
| BRENT | 2026-01-27 | [Crude Prices Jump to a 3-Month High on Dollar Weakness and Iran Risks](https://feedsoft.ai/events/21231-crude-prices-jump-to-a-3-month-high-on-dollar-weakness-and-iran-risks.md) | +0.6% | +7.6% |
| BRENT | 2026-04-29 | [Crude oil price near three-week high as UAE leaves OPEC; Strait of Hormuz disruption, US-Iran tension persist \| Stock Market News](https://feedsoft.ai/events/19903-crude-oil-price-near-three-week-high-as-uae-leaves-opec-strait-of-hormuz.md) | -1.9% | -16.4% |
| WTI | 2018-06-28 | [U.S. oil prices hit three-and-a-half-year high on concern over Iran sanctions](https://feedsoft.ai/events/8780-u-s-oil-prices-hit-three-and-a-half-year-high-on-concern-over-iran-sanctions.md) | -3.7% | -6.5% |
| WTI | 2018-09-14 | [Oil prices rise ahead of deadline for US sanctions on Iran \| The National](https://feedsoft.ai/events/63206-oil-prices-rise-ahead-of-deadline-for-us-sanctions-on-iran-the-national.md) | +3.2% | +3.5% |
| WTI | 2026-04-02 | [Oil prices jump and shares drop after Trump threatens more Iran strikes](https://feedsoft.ai/events/12922-oil-prices-jump-and-shares-drop-after-trump-threatens-more-iran-strikes.md) | -2.2% | +6.1% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/markets/2026/10/30/oil-prices-set-for-sharp-monthly-rise-on-hormuz-strikes-and-us-threat-to-hit-iran/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.