{"id":73901,"date":"2026-10-30T16:38:15","date_gmt":"2026-10-30T20:38:15","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-surges-as-tanker-explosions-rock-strait-of-hormuz-fed-releases-bank-data\/73901\/"},"modified":"2026-10-30T16:38:15","modified_gmt":"2026-10-30T20:38:15","slug":"oil-surges-as-tanker-explosions-rock-strait-of-hormuz-fed-releases-bank-data","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-surges-as-tanker-explosions-rock-strait-of-hormuz-fed-releases-bank-data\/73901\/","title":{"rendered":"Oil Surges as Tanker Explosions Rock Strait of Hormuz; Fed Releases Bank Data"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Global <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a> jumped over 2.5%<\/strong> on Friday, with <strong>Brent crude<\/strong> hitting <strong>$117.75 per barrel<\/strong> following reports of multiple tanker explosions in the <strong>Strait of Hormuz<\/strong>.<\/li>\n<li><strong>Iran\u2019s Islamic Revolutionary Guard Corps (IRGC)<\/strong> claimed <strong>four oil tankers<\/strong> were damaged by naval mines after allegedly using &quot;unauthorized&quot; shipping routes, a claim the <strong>U.S. Central Command (CENTCOM)<\/strong> has disputed.<\/li>\n<li>The <strong>Federal Reserve<\/strong> released its weekly <strong>H.8 report<\/strong>, showing <strong>U.S. commercial bank credit<\/strong> reached approximately <strong>$19.99 trillion<\/strong> as of mid-October, reflecting a <strong>3.3% annual growth rate<\/strong> in September.<\/li>\n<li>Geopolitical tensions have pushed <strong>Brent<\/strong> and <strong>WTI<\/strong> toward their <strong>fourth consecutive monthly gain<\/strong>, with monthly increases of <strong>11% and 14%<\/strong> respectively.<\/li>\n<\/ul>\n<h2>Tanker Attacks Disrupt Global Energy Arteries<\/h2>\n<p>Energy markets were jolted Friday following reports from the <strong>IRGC<\/strong> that a fourth tanker exploded after striking a mine in the <strong>Strait of Hormuz<\/strong>. This follows a series of incidents over the last 24 hours where the Iranian military claimed three other &quot;violating&quot; vessels caught fire after ignoring warnings and entering restricted zones.<\/p>\n<p>The <strong>United Kingdom Maritime Trade Operations (UKMTO)<\/strong> corroborated reports of at least one vessel on fire northeast of <strong>Khasab, Oman<\/strong>, noting that explosive devices were attached to the hull by a small boat. These developments have severely hampered traffic through a waterway that typically handles <strong>20% of global oil and LNG trade<\/strong>, sending freight rates for Very Large Crude Carriers (<strong>VLCC<\/strong>) to record highs of <strong>$1.33 million per day<\/strong>.<\/p>\n<h2>Market Reaction: Crude Hits Multi-Month Highs<\/h2>\n<p>Oil futures reacted sharply to the escalating conflict, with <strong>Brent Crude (<a href=\"\/stock\/LCO\">LCO<\/a>)<\/strong> rising <strong>$2.28<\/strong> to settle near <strong>$118 a barrel<\/strong>, its highest level since April. <strong>West Texas Intermediate (<a href=\"\/stock\/CL\">WTI<\/a>)<\/strong> climbed <strong>2.7%<\/strong> to reach <strong>$104.79<\/strong>, as traders priced in a significant supply risk premium ahead of the U.S. midterm elections.<\/p>\n<p>Energy giants saw modest gains amidst the volatility; <strong>ExxonMobil (<a href=\"\/stock\/XOM\">XOM<\/a>)<\/strong> and <strong>Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>)<\/strong> both traded higher as the market braced for prolonged instability. Analysts at <strong>MST Marquee<\/strong> warned that &quot;continued kinetic action&quot; without a clear diplomatic path will likely keep energy prices elevated through the remainder of the quarter.<\/p>\n<h2>Fed Data Highlights Banking Sector Resilience<\/h2>\n<p>Amidst the geopolitical turmoil, the <strong>Federal Reserve<\/strong> issued its weekly <strong>H.8 release<\/strong>, providing a snapshot of the <strong>Assets and Liabilities of Commercial Banks in the United States<\/strong>. The data revealed that total bank credit grew to <strong>$19.99 trillion<\/strong> for the week ending October 14, driven largely by a <strong>7.3% annual increase<\/strong> in total loans and leases.<\/p>\n<p>Commercial and industrial (C&amp;I) loans showed particular strength, posting a <strong>10.1% annual growth rate<\/strong> in September, despite broader market uncertainty. However, <strong>securities in bank credit<\/strong> saw a decline of <strong>6.3%<\/strong>, as institutions adjusted their holdings of <strong>Treasury and agency securities<\/strong> in response to shifting interest rate expectations and the Fed&#39;s ongoing balance sheet normalization.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Global oil prices jumped over 2.5% on Friday, with Brent crude hitting $117.75 per barrel following reports of 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