Business & Economy
Oil climbs as Middle East supply fears intensify
Oil rose as traders weighed threats to Middle Eastern supplies and shipping. Brent exceeded $114 a barrel during 23 October trading, with further gains later in the session. Analysts pointed to risks from a wider conflict and uncertainty over how quickly disrupted transport routes could recover.
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From 24 October 2026 — Daily Brief
24 OCT 2026 · 16/25
Oil prices rose on 23 October as fears of further disruption to Middle Eastern energy supplies drove Brent crude to its highest levels in months. Traders were watching attacks around important shipping routes and the risk of a wider regional conflict.
At 11:38 GMT, Brent was trading at $114.57 a barrel, up $1.40, or 1.2%, according to a Reuters report carried by Amar Desh. US West Texas Intermediate was up $1.48, or 1.5%, at $100.95. Later trading briefly took Brent above $117, the Guardian reported.
Iran’s Revolutionary Guards claimed that seven tankers near the Strait of Hormuz had been disabled. That account could not be independently verified. President Donald Trump disputed Iran’s claims, while markets continued to price in risks to supplies and shipping.
UBS analyst Giovanni Staunovo said concern about an expansion of the conflict remained strong, with supply chains and high transport costs adding pressure. Other analysts said the duration of any disruption, and the time needed to restore normal operations, would help determine how long elevated prices persisted.
The quoted prices are snapshots during Friday’s trading, when the market continued to move as reports emerged.