The latest trades of the global oil market on Friday, October 30, 2026, equivalent to Aban 8, 1405, ended with a significant increase in the prices of major crude oil benchmarks.
West Texas Intermediate crude oil rose by $2.12 to $104.12 per barrel. Meanwhile, Brent oil in the more active January contract increased by $2.63, equivalent to 2.37%, reaching $113.43. Murban oil from the UAE also rose by 1.85% to around $114.80.
Read more: Increase in Brent Oil Price to $116 Following Developments in the Strait of Hormuz
Analysis of Global Oil Prices
The numbers in the table indicate that the price increase in the crude oil market and some refined products has been widespread, but not all energy carriers have behaved similarly. The drop in natural gas prices in the U.S. compared to the rise in oil and gasoline is one of the important points in the recent developments in the energy market.
The main factor behind the increase in global oil prices at the end of October has been traders' concerns about potential disruptions in energy supply from the Middle East. According to published reports, oil prices have risen due to increased security risks in the Strait of Hormuz and concerns about the escalation of regional conflicts. On the same day, the UK Maritime Trade Operations reported an attack with explosives on an oil tanker in the Strait of Hormuz.
Impact of Oil Prices on Petroleum Products
The increase in petroleum product prices was another significant event in Friday's trading. The wholesale gasoline price in the reviewed index rose by about 2.21% to $3.156 per gallon. Additionally, the price of heating oil increased to around $4.791 per gallon.
Economically, the rise in gasoline and other refined fuel prices can gradually increase the cost of transporting goods and the activities of energy-dependent industries. However, the extent to which the global price increase is passed on to consumers in each country depends on tax policies, subsidies, and domestic pricing mechanisms.
Murban oil, which is considered one of the important crude oil benchmarks in the Persian Gulf region, was priced at about $114.8 in the latest published data. The OPEC basket was recorded at $112.9, and the Indian oil basket was priced at $114.6. These developments indicate serious fluctuations in the international crude oil market.
Read more: Increase in VLCC Rates in the Maritime Transport Market · Europe Releases 42 Million Barrels of Oil Reserves
