Global Oil Prices Surge to Six-Month High Amid Middle East Tensions

Oil prices climbed significantly on Friday, October 30, reaching their highest point in half a year due to escalating geopolitical tensions in the Middle East and concerns regarding global supply stability. Brent crude closed up by 2.4% at $117.64 per barrel, while West Texas Intermediate (WTI) rose by 2.08% to reach $104.12 per barrel. This surge was triggered by reports of an attack on an oil tanker in the strategic Strait of Hormuz, coupled with Houthi-attributed strikes on Saudi energy facilities. Throughout October, both benchmarks saw strong gains, with Brent rising 13.6% and WTI 15.2%. Market sensitivity remains high as traders closely monitor the regional conflict and the potential for supply chain disruptions.