समाचार Samāchār · World · 31 October 2026

Brent closes at a six-month high after a limpet-mine attack on a Hormuz tanker

Brent settled near $117.6 on 30 October, its highest close since late April, as tanker attacks and Houthi strikes kept the war premium in oil. Traders are now watching the US vote on 3 November.

Oil closed the week at its highest level in six months. Brent settled at $117.64 a barrel on 30 October, up 2.4% on the day and its highest close since late April. US crude settled at $104.12. Both benchmarks are on a fourth straight monthly gain. The war with Iran is now in its ninth month.

Two incidents at sea drove the move. The UK Maritime Trade Operations agency said a tanker in the Strait of Hormuz was hit on Thursday night by explosives fixed to its hull from a small boat. On Friday Iran’s Revolutionary Guard said a vessel struck a naval mine while using an unauthorised route. The Houthis also said they attacked Saudi refineries at Ras Tanura and Rabigh. A Saudi-led coalition said it intercepted a missile. ExxonMobil and Chevron cancelled plans for executives to attend the UAE’s biggest oil show next week, citing security, Reuters reported.

Diplomacy has not closed the gap. Qatari mediators returned to Tehran this week. President Trump said the war will end soon but gave no detail. Markets are watching for renewed US action after the midterm vote on 3 November. Saxo Bank’s Ole Hansen told Reuters he expects crude at $70 to $90 after the conflict ends, above the $60 to $70 seen before the war. MST Marquee’s Saul Kavonic pointed to continued kinetic action around Hormuz and doubts over a viable diplomatic path.

For India this is a bill, not a headline. The rupee is near 95 to the dollar. The Centre cut excise on petrol and diesel by ₹10 a litre in March to shield households, and the first-half accounts released the same day show excise collections down 22%. Each month of $117 oil is paid for in the import bill, the rupee and the budget at once. This is अनुभव Anubhav India has had before, and the lesson holds: diversify suppliers, keep strategic reserves full and cut the oil intensity of growth.

What a founder takes from it: Plan on oil above $100 until a deal is signed, not until one is rumoured. For India the answer is the one it already knows: spread the import risk, and build solar plus storage and the hardware for it at home, so that the next shock costs less.