Crude Oil Surges to $118 Amid Fears of US Strikes on Iran

Economic Times Markets · stocks

Oil prices surged on Friday, October 30, with Brent crude reaching $118 a barrel and US WTI at $104. Markets are assessing the possibility of renewed US military action against Iran, potentially disrupting energy supplies. Concerns were heightened by a report of a US military briefing to President Trump on potential options. Security risks in the Strait of Hormuz also came into focus after an incident involving a tanker. Further Houthi attacks and escalating tensions in the region are contributing to market uncertainty and expectations of higher oil prices.