Brent crude surged past $116, marking its highest level since April, amid rising tensions in the Middle East. The global benchmark closed near $117 a barrel on Friday, up over 6% for the week, while West Texas Intermediate settled above $103. Recent attacks on Saudi infrastructure, including a Red Sea port and an oil field, have intensified concerns over supply disruptions. Iran-backed Houthi militants claimed responsibility for the strikes, heightening fears of further escalation. Analysts note that the geopolitical climate, coupled with the ongoing US-Iran conflict, is driving market sentiment.
October 23, 2026
Brent Surpasses $116 Amid Escalating Middle East Tensions
Brent crude hits a 4-month high as attacks on Saudi Arabia raise supply fears.
Impact
The heightened geopolitical risk and supply concerns are expected to keep oil prices elevated in the near term.