Brent and WTI Post Fourth Straight Monthly Gain as Strait of Hormuz Tanker Attack Lifts Supply Risk Premium
What happened
Global oil benchmarks notched their fourth straight monthly gain on October 31, 2026, with Brent closing at $117.64 per barrel and WTI settling at $104.12 following physical tanker strikes in the Strait of Hormuz.
The Context
* Chokepoint risks materialize: A limpet mine strike on a tanker transiting the Strait of Hormuz marked the first direct disruption of its kind during the current conflict, driving physical risk premiums higher. * Regional infrastructure targeted: Fresh threats against Saudi production hubs and intercepted missile activity have kept inventories constrained across key trading desks. * Wall Street raises targets: Financial institutions are adjusting models upward, with ANZ lifting its year-end Brent projection to approximately $105 per barrel as full-year 2026 consensus averages climb toward $92.88.
The Number
— the monthly advance posted by Brent crude in October 2026, signaling sustained pressure on operating margins, corporate travel allocations, and third-party fulfillment contracts heading into next quarter.
Takeaway
Expect persistent price volatility across energy and transport inputs as markets eye post-election diplomacy and vulnerable maritime routes.
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