Oil rises for a fourth month in a row and gasoline stays above 4 dollars ahead of the election
Brent ends October up nearly 11% after a new attack on a tanker in the Strait of Hormuz. In the United States, a gallon of gasoline costs 4.22 dollars on average.
Translated from the original Spanish article. Read in Spanish
News published on October 30, 2026. The situation may have changed since then.
Oil is rising again. On Friday, October 30, 2026, a barrel of Brent, the global benchmark, gained 1.20 dollars to reach 116.08. U.S. WTI rose to 103.37 dollars.
With that, crude is on track for its fourth straight monthly gain.
How much it rose in October
- Brent ends October almost 11% more expensive. - WTI is up about 14% for the month.
Why it is rising
The main cause is still the U.S. and Israeli war against Iran. On Friday, a tanker was attacked in the Strait of Hormuz with explosives attached from a small boat, according to the British maritime agency UKMTO. It is not known who did it.
A huge share of the world's oil passes through Hormuz, so every attack rattles the markets.
A Saxo Bank analyst estimates that once the war ends, oil will cost between 70 and 90 dollars, more than the 60 to 70 before the conflict.
What you pay at the pump
In the United States, a gallon of regular gasoline cost an average of 4.22 dollars on October 29, according to the drivers' association AAA. That is 5 cents less than the week before.
But AAA warns: with oil above 100 dollars, the price cannot fall much further. The recent high was 4.48 dollars in May.
Watch the elections
Experts expect more volatility in the coming weeks, with the midterm elections on November 3 in the United States and the elections in Israel.
The price of gasoline is one of voters' biggest complaints, along with the economy and the war.
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Sources (in Spanish)
- Precios del viernes, subida mensual, ataque al petrolero y previsión de Saxo Bank: Reuters vía SRN News y Rallies.ai (30 de octubre de 2026).
- Precio de la gasolina: AAA (29 de octubre de 2026).
- Récord de mayo: LendingTree, con datos de AAA.
- Quejas de los votantes: AP vía Spectrum News (30 de octubre de 2026).
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