Oil prices today: Brent at $117.62, WTI at $104.18

International oil prices rose on Friday, 30 October, with Brent crude futures for December at $117.62 a barrel and US West Texas Intermediate (WTI) at $104.18. The Brent quote was up $2.74, or 2.4%, and WTI had gained $2.18, or 2.1%, as of 1045 GMT.

The more active January Brent contract rose $2.78 to $113.58 a barrel. The December contract was due to expire on Friday, while the January contract was the more active Brent futures contract.

Supply concerns were in focus after a tanker in the Strait of Hormuz was hit by explosive devices attached by a small boat, according to the UKMTO. The strait is a key sea route for crude and fuel supplies from the Gulf. Traders were also watching the possibility of an escalation in the US-Iran conflict after US midterm elections.

For October, Brent was on course to finish close to 14% higher, while WTI was heading for a 15% gain. These figures are prices for international crude oil futures. They are not retail petrol or diesel prices at fuel stations in Pakistan.