Oil rises more than 2% after incidents in the Strait of Hormuz — The National

Oil prices rose by more than 2% on October 30 after incidents involving tankers in the Strait of Hormuz and amid investor concerns about a possible resumption of US military action against Iran. As The National reports, Brent crude was up 2.37% at $117.56 per barrel as of 19:32 UAE time, while WTI gained 2.13% to $104.17.

Incidents in the strait

Iran's Islamic Revolutionary Guard Corps said that an oil tanker struck a sea mine while attempting to pass through the Strait of Hormuz via an “unauthorized route”.

This was preceded by another incident overnight into October 30. The UK Maritime Trade Operations service, UKMTO, reported that a small vessel attached explosives to the hull of another tanker. Initial reports said that the vessel had been hit by a projectile.

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Market and negotiations

Over the week, Brent may rise by 0.64% and WTI by nearly 1%. For October, Brent quotations are heading for growth of about 15%, according to the publication's calculations, while WTI is set to rise by 12%. This could mark the fourth consecutive month of price increases.

US President Donald Trump said that the war with Iran, now in its ninth month, would, in his view, end soon, without providing details. Earlier, he said that Washington would not strike Iran before the US midterm elections on November 3.

Meanwhile, Qatari mediators returned to Tehran to continue efforts to reach an agreement between the United States and Iran, Reuters reported, citing an informed source. An Iranian official told The National that Tehran “welcomes any efforts aimed at negotiations, dialogue or collective consultations”.