Houston, United States, 31 October 2026 – Oil futures rose more than 2% on Friday, 30 October, as traders weighed supply risks and the possibility of further escalation in the conflict involving Iran. The expiring December Brent contract settled at US$117.64 a barrel, up US$2.76, or 2.4%, and touched US$118; the more actively traded January Brent contract settled at US$113.43. US West Texas Intermediate finished at US$104.12 a barrel.
The settlement matters to Asian businesses because crude benchmarks influence fuel, transport and feedstock costs across the region, although futures prices are not the same as the price an importer pays for a physical cargo. The move also came after a 13.6% monthly gain in Brent and a 15.2% rise in WTI. Those figures document a sharp repricing; they do not, by themselves, establish how long high costs will last.
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