Oil price rises above $117 a barrel amid fears US will renew strikes on Iran
News Source
β’Fri, 23 Oct 2026 16:48:28 GMT
π° What Happened
Oil jumped to its highest level in more than six months on Friday. Brent crude rose about 3.5% to pass $117 a barrel, a level last seen in April. It later eased back to just over $116.
The rise came after Iran said it would hit oil sites, undersea cables and data centres in the Gulf if the US and Israel attacked again. Reports say Washington is considering new strikes after the midterm elections. Iran's Revolutionary Guard has also claimed attacks on ships in the Strait of Hormuz.
π The Backstory
Brent traded near $72 a barrel in February, before the war with Iran began. It soared to about $126 by the end of April, then fell back as traders hoped the fighting would end quickly.
Eight months on, the conflict is still going. About a fifth of the world's oil normally passes through the Strait of Hormuz, so any threat to shipping there scares the market. Higher oil prices push up fuel, transport and food costs almost everywhere.
π― Why It Matters
Oil prices set the cost of filling your car and often the price of food. A jump this big shows the war is still raising everyday bills far from the Middle East.
Oil jumped to its highest level in more than six months on Friday. Brent crude rose about 3.5% to pass $117 a barrel, a level last seen in April. It later eased back to just over $116.
The rise came after Iran said it would hit oil sites, undersea cables and data centres in the Gulf if the US and Israel attacked again. Reports say Washington is considering new strikes after the midterm elections. Iran's Revolutionary Guard has also claimed attacks on ships in the Strait of Hormuz.
Brent traded near $72 a barrel in February, before the war with Iran began. It soared to about $126 by the end of April, then fell back as traders hoped the fighting would end quickly.
Eight months on, the conflict is still going. About a fifth of the world's oil normally passes through the Strait of Hormuz, so any threat to shipping there scares the market. Higher oil prices push up fuel, transport and food costs almost everywhere.
Oil prices set the cost of filling your car and often the price of food. A jump this big shows the war is still raising everyday bills far from the Middle East.