Brent Crude Hits Five-Month High Amid Middle East Tensions

Oil prices climbed on Friday as escalating Middle East tensions pushed Brent crude to a five-month high and US crude futures above $100 per barrel.

Brent rose 1.1% to $114.49, putting it on track for a third consecutive weekly gain. West Texas Intermediate advanced 1.6% to $101.04, although it remained positioned for a weekly decline.

Iran’s state-affiliated Tasnim news agency reported that the Islamic Revolutionary Guard Corps claimed four vessels were struck and caught fire in the Persian Gulf, while three others hit mines near the strait. Iran’s army chief reportedly said the military was prepared for asymmetric warfare.

Reuters also reported that Saudi Aramco instructed staff to leave its Dhahran headquarters following attacks by Iran-backed Houthi rebels.

Related Tweet:

U.S. oil holds above $100, Brent at five-month high as Iran says it’s prepared for warfare https://t.co/puVpZuwgCA

— CNBC (@CNBC) October 23, 2026

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tippinsightsTIPP Staff