Oil Traders Brace for a Wild Week as Brent Approaches $120

-Iran hostilities are intensifying, with rising Hormuz attacks, reported explosions at Iran's Jask port and military repositioning overshadowing diplomatic efforts. Friday, October 30, 2026 With only several days left until the US midterm elections, oil prices are set for a hefty 13-14% month-on-month increase as ICE Brent trends around $118 per barrel. Qatari and Pakistani mediation notwithstanding, everything is pointing towards a resumption in US-Iran hostilities in the upcoming weeks rising numbers of Hormuz attacks, reported explosions at Iran's Jask port, reports of military repositioning as well as extremely bullish CTA positioning.

The markets should brace for a set of extremely volatile trading sessions next week War Turns Refining into Big Oil's Profit Engine.