Brent hits $117 as tanker fire fuels Iran escalation fears: Nov 1, 2026
Brent crude rose nearly 2.5% on ICE and traded around $114 to $117, near six-month highs, as traders braced for escalation around Iran after the US midterms. Reports of new attacks in the Strait of Hormuz, including a tanker catching fire, and reports that Trump is weighing military options against Iran heightened supply concerns, with banks seeing elevated prices extending into 2027.
Updated
This day is still open. Its readings are published once it closes. The live reading is on the Brent page.
Headlines (8)
Carried over from earlier days
- Brent January Futs Hit New Highs As Oil Market Braces For Post-Midterm Gulf EscalationZeroHedge
- Brent crude price rises by nearly 2.5% on ICE exchangeTASS
- Oil rises near 6-mth high as Trump weighs military options against IranHellenic Shipping News
- WTI Oil holds above $103.00, near five-month highs amid new attacks in the Strait of HormuzFXStreet
- Oil Traders Brace for a Wild Week as Brent Approaches $120OilPrice.com
- Oil tops $114 as traders brace for Iran escalation after US midtermsal-monitor.com
- Banks see elevated oil prices extending into 2027 as supply risks deepenoilandgas360.com
- Brent Hits $117 as Tanker Catches Fire in Strait of HormuzOilPrice.com
Scheduled events
As of
| Event | Forecast | Currency |
|---|---|---|
| Sunday, November 1 | ||
| Manufacturing PMI | CNY | |
| Non-Manufacturing PMI | CNY | |
| Daylight Saving Time Shift | USD | |
| Daylight Saving Time Shift | CAD | |
| FOMC Financial Stability Report | USD | |
| Monday, November 2 | ||
| RatingDog Manufacturing PMI | 52.0 | CNY |
| Manufacturing PMI | CAD | |
| Final Manufacturing PMI | 56.0 | USD |