November Brent crude futures rose 4.8% to $94.80 per barrel, reaching a 1.5-month high, according to GrainTrade. Brent was up 7.8% since Monday and 17% for the month after renewed US strikes on Iranian military facilities and Iranian attacks on US bases in Jordan and the UAE.
The escalation has also affected shipping through the Strait of Hormuz. The source reports that Iran attempted to lay mines and attacked two oil supertankers, effectively bringing vessel movements through the strait to a near standstill. Large liquefied-gas carriers are reportedly avoiding the Persian Gulf, placing additional pressure on Qatar, while oil exports are being partly maintained through smaller tankers and offshore reloading.
For agricultural commodity traders, the immediate relevance is the renewed upward pressure on oilseeds and vegetable oils as energy markets strengthen. This may support sentiment in soybean oil and other competing oils, although the source provides no specific vegetable-oil price data. Any rollback in crude to the projected $85–90 range would reduce that support; developments around Hormuz remain the key risk to monitor.