TLDR
- Brent crude rose about 2% to $117.19 a barrel on Friday, its highest level since late April.
- U.S. officials briefed President Trump on military options for Iran, and strikes could follow the November 3 midterms.
- A tanker was attacked in the Strait of Hormuz, and Houthi forces claimed new strikes on Saudi energy sites.
- U.S. crude inventories fell by 1.9 million barrels, against forecasts of a small rise.
- Seven OPEC+ producers meet Sunday to review market conditions and production policy.
Oil prices rose to near six-month highs on Friday as the chance of new U.S. military action against Iran weighed on hopes for a diplomatic deal. Brent crude futures gained about 2.1% to $117.19 per barrel by 09:45 GMT. West Texas Intermediate (WTI) rose 1.8% to $103.88.
Brent touched $117.84 earlier in the day. That was its highest point since late April.
Both benchmarks were on track for a fourth straight monthly gain of more than 10%.
Military Options Under Review
The Wall Street Journal reported that U.S. Central Command chief Admiral Brad Cooper briefed Trump on Thursday. Defense Secretary Pete Hegseth and other senior officials joined the White House meeting.
BREAKING: Trump administration plans to strike Iran directly after next week’s US midterm elections, with CENTCOM commander Adm. Brad Cooper briefing Trump in a rare in-person meeting on military options at the White House today, per WSJ.
Senior US officials say Cooper rarely…
— The Hormuz Letter (@HormuzLetter) October 29, 2026
The talks covered the ongoing U.S. blockade and the chance of renewed major combat operations, the report said.
Trump said on Wednesday that “anything’s possible” when asked about more attacks. He has signaled that strikes could come after the midterm elections on November 3.
The Journal also reported that the U.S. told several Gulf Arab countries to prepare for a possible short, intense campaign against Iran. Trump has not made a final decision.
Diplomacy Continues but Stalls
Vice President JD Vance has contacted Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, to try to restart talks. Mediators are also working on a possible framework to end the conflict.
Iran has received Vance’s message but has not replied, according to the Fars news agency. Tehran has reportedly rejected a proposed settlement.
Trump said Vance reached out to help Iran obtain medical supplies.
Attacks Raise Supply Concerns
A tanker moving through the Strait of Hormuz was hit by a small boat carrying two explosive devices, the United Kingdom Maritime Trade Operations said. The strait is a key route for global oil supplies.
Yemen’s Houthi group claimed attacks on Saudi sites, including the Ras Tanura and Rabigh refineries and a Saudi Aramco facility in Abqaiq. Those claims could not be independently verified.
Saudi air defenses intercepted two ballistic missiles aimed at Riyadh on Thursday. Debris injured a Saudi citizen and damaged a home and a vehicle.
Supply Data and OPEC+
Persian Gulf oil exports averaged 15.7 million barrels a day in the week through Oct. 26. That matches or beats prewar levels at times, but shipping remains riskier and costlier because of higher insurance and freight rates.
U.S. commercial crude inventories fell by 1.9 million barrels to 410.6 million barrels in the week ended October 23, the Energy Information Administration said. Analysts had expected a small increase.
Seven OPEC+ producers are set to meet Sunday to review market conditions and production policy.
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