# Oil jumps 2%, settles at 6-month highs on fears of escalation in Iran - CNA

> Brent crude futures for December, which expired on Friday, settled up $2.76, or 2.4 per cent, at $117.64 a barrel, after touching a high of $118. The more active January contract gained $2.63 to $113.43. US West Texas Intermediate (WTI) crude futures settled $2.12, or 2.08 per cent, higher at $104.12.

- Date: 2026-10-30 · published 2026-10-31T10:05:52.381Z
- Category: news · magnitude medium
- Page: https://feedsoft.ai/events/2971-oil-jumps-2-settles-at-6-month-highs-on-fears-of-escalation-in-iran-cna
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Escalation fears in the Gulf are lifting crude and LNG prices, which raises energy costs across feed supply chains. Prices are likely to remain firm while the Strait of Hormuz risk stays elevated.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- channelnewsasia.com: https://www.channelnewsasia.com/business/oil-jumps-2-settles-6-month-highs-fears-escalation-in-iran-6505721
- gulf-times.com: https://www.gulf-times.com/article/737152/business/oil-jumps-2-settles-at-6-month-high-on-fears-of-iran-war-escalation

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