Oil prices rising / Brent approaches a five-month high amid tensions in the Middle East

Riana Gegiu

23 October 2026, 12:36

Current Affairs

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Oil prices rose slightly on Friday, as tensions in the Middle East kept Brent near its highest level in five months. At 04:50 ET, Brent futures were up 0.7% at $113.50 per barrel, while U.S. WTI rose 0.8% to $100.24 per barrel.

Brent was headed for a 3.3% weekly gain, its third consecutive week of increases, while WTI was on track to post a 1.1% weekly decline.

Markets are monitoring reports of attacks on vessels in the Persian Gulf and the Strait of Hormuz. Iran said four vessels had been hit and caught fire, while three others reportedly struck mines. U.S. President Donald Trump accused Tehran of exaggerating the incidents to drive up oil prices ahead of the U.S. legislative elections.

In Saudi Arabia, Saudi Aramco reportedly asked employees to evacuate its headquarters in Dhahran and work remotely following attacks attributed to Iran-backed Houthi rebels. Reports of the incidents are being monitored, and developments in the region could continue to influence energy prices.

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Context: Before Friday’s surge, the market had already been strained by Houthi attacks and risks in the Persian Gulf/Strait of Hormuz

On the eve, oil prices rose as a result of attacks attributed to Houthi rebels against Saudi Arabia, with investors fearing supply disruptions. The Houthis launched missiles and drones, including at targets in Riyadh, while the United States decided to temporarily withdraw its diplomats and their families from the kingdom amid concerns about the safety of personnel.

At the same time, the market was watching the potential effects on maritime routes in the Strait of Hormuz area. Analysts spoke of a “risk premium” incorporated into prices, and to limit the impact of the crisis, the International Energy Agency accelerated the release of oil from strategic reserves as a short-term mitigation measure.