Oil prices rise as Hormuz tensions fuel supply concerns

Oil prices continued their upward trend on Friday (October 30), heading for a fourth consecutive monthly gain after reports that several tankers were hit by sea mines in the Strait of Hormuz, raising fresh concerns over supply disruptions amid the ongoing US-Israeli conflict with Iran.

Brent crude futures for December delivery rose $1.20, or 1.04 per cent, to $116.08 a barrel at 0323 GMT. US West Texas Intermediate (WTI) crude futures gained $1.37, or 1.34 per cent, to $103.37 a barrel, Al Jazeera reported.

Brent was on track to end October with a gain of around 11 per cent, while WTI was heading for a monthly increase of nearly 14 per cent.

The latest price gains came amid heightened tensions in the Strait of Hormuz, a key global oil shipping route, following reports of mine explosions involving several oil tankers.

The developments have intensified concerns over the security of energy supplies as the conflict involving Iran, the United States and Israel enters its eighth month.