Brent crude rose to $115.10 a barrel on Friday, October 23, 2026, while US-traded West Texas Intermediate (WTI) climbed to $101.40 as escalating Middle East supply concerns continued to support global oil prices.
Brent gained 1.70%, while WTI advanced 1.90%, extending recent gains as traders assessed the potential impact of rising geopolitical tensions on crude production, exports and international shipping.
The latest rally comes amid heightened concerns over Houthi attacks on Saudi targets and reports of further incidents involving vessels in the Gulf region. The developments have reinforced fears that a broader escalation could disrupt oil supplies from one of the world’s most important energy-producing regions.
Brent’s rise towards $115 a barrel puts the international benchmark near its highest levels since May, while WTI’s return above the psychologically significant $100 mark highlights the strength of the latest price movement.
Market participants remain focused on the risk of further escalation and its potential implications for shipping through strategic waterways, including the Strait of Hormuz. Any disruption to crude exports or tanker movements could tighten global supply and place additional upward pressure on prices.
Traders will also monitor developments in the Middle East and changes in physical crude flows for indications of whether the rally will continue or ease as the market reassesses supply risks.
