Brent crude climbs to $116.72 a barrel, its highest close since April, as fears of potential US strikes on Iran and attacks on Saudi energy infrastructure fuel supply concerns.
UNB
24 October, 2026, 06:30 pm
Last modified: 24 October, 2026, 06:33 pm
Global crude oil prices surged to a six-month high as investor anxieties mounted over potential US military strikes against Iran in the coming weeks alongside escalating regional conflict in the Middle East.
Brent crude futures rose by 3.1% (+$3.55) to settle at $116.72 per barrel yesterday (23 October)—the highest closing level recorded since 29 April. US West Texas Intermediate (WTI) crude similarly jumped by 3.8% to close at $103.27 per barrel.
The sharp uptick marks the third consecutive week of gains across international benchmark contracts, with Brent logging a 6.2% weekly advance and WTI expanding by 2%.
Market sentiment turned sharply bullish following escalated political rhetoric. US President Donald Trump stated on 21 October that Washington was not holding negotiations with Tehran, adding that "something will happen soon." Citing senior US officials, the global media reported that the US and Israel are considering joint targeted operations against Iranian assets following the upcoming US midterm elections.
Adding to market jitteriness, Iran's media cited the nation's military chief asserting that Iranian forces are fully prepared for asymmetrical warfare following recent upgrades to defense capabilities.
Concurrently, persistent drone and missile strikes by Iran-backed Houthi rebels against energy targets in Saudi Arabia have heightened supply vulnerability fears. In response to the escalating threats, the US Department of State directed non-essential government personnel to evacuate Saudi Arabia.
According to Saudi state media, a drone strike targeting the eastern Shaybah oilfield on 21 October left two people dead and two injured. A separate attack on King Fahd International Airport in Dammam killed at least two people and injured eight others.
Following the series of strikes, Saudi state energy giant Saudi Aramco instructed employees at its Dhahran headquarters to relocate to secure positions and transition to remote operations.