Oil Surges Past $113 a Barrel on US-Iran Military Strike Fears
Brent crude jumped 4% to a five-month high above $113 a barrel after reports that US and Israeli militaries had drawn up fresh strike plans targeting Iran, stoking fears of major Middle East supply disruption.
Oil markets surged sharply on October 23, 2026, with Brent crude rising approximately 4% to settle above $113 a barrel — its highest level since May 2026 — amid escalating fears of renewed US-Iranian military conflict. Reports citing unnamed US officials indicated that American and Israeli military planners had prepared specific strike scenarios targeting Iran, potentially timed after the US midterm elections. Simultaneous Houthi attacks on Saudi Arabian energy infrastructure compounded supply anxiety across the region. Iranian Parliament Speaker Mohammad Bagher Ghalibaf publicly warned the United States of consequences should military confrontation continue, while US President Donald Trump posted on social media about oil volumes passing through the Strait of Hormuz, a critical chokepoint for global crude shipments. Oil prices had already remained above $100 per barrel for over two weeks before Thursday's spike. Analysts cautioned that sustained prices above $110 a barrel risk reigniting inflationary pressures in the United States and other major economies at a time when central banks have only recently brought inflation closer to target. US crude also climbed above $100 a barrel, further rattling energy-importing nations.
