Oil climbs to its highest level since April as fears grow that the US will renew strikes on Iran

Summary

Oil prices rose on Friday to their highest level since April as fears grew that the United States could renew strikes on Iran. The Guardian reported that Brent crude, the international benchmark, rose about 1% on Friday morning to above $115 a barrel, its highest level since May, after Tehran threatened retaliatory attacks on Gulf oil and tech facilities. The Financial Times reported that oil hit $117 for the first time since April on fears of a flare-up in Iran hostilities, and that the rise in energy prices pushed US inflation expectations higher. The New York Times reported that global oil hit $116 a barrel, its highest since April, as investors grew increasingly concerned that the war in Iran could escalate again and put energy supplies at greater risk.

Timeline

1. The Guardian

   23 Oct 2026, 13:27 UTCSource ↗

   The Guardian reports that Brent crude rose 1% on Friday morning to above $115 a barrel, its highest level since May, as Tehran threatened retaliatory attacks on Gulf oil and tech facilities and fears of fresh escalation in the Middle East conflict gripped energy markets.

2. Financial Times

   23 Oct 2026, 16:06 UTCSource ↗

   The Financial Times reports that oil hit $117 for the first time since April on fears of a flare-up in Iran hostilities, and that the rise in energy prices pushed US inflation expectations higher.

3. The New York Times

   23 Oct 2026, 20:03 UTCSource ↗

   The New York Times reports that global oil hit $116 a barrel, its highest since April, as investors grew increasingly concerned that the war in Iran could escalate again and put energy supplies at greater risk.