Oil Jumps to $117 a Barrel, Highest Since April, on Fears of Renewed US Strikes on Iran

Brent crude, the international oil benchmark, rose about 3.5% on October 23, 2026, passing $117 a barrel at one point, its highest since April. The rise followed widespread reports that the US is considering renewed strikes on Iran after the midterm elections. Iran has said it would attack Gulf oil facilities if a new US-Israeli offensive is launched.