Brent crude tops $113, its highest since May, on a report of planned strikes on Iran after the midterms
CNBC explains what moved oil this week, from the New York Times report to the Houthi attacks in Saudi Arabia.
Brent crude rose 4% to settle at $113.17 a barrel on October 22, its highest close since May 4, and U.S. West Texas Intermediate gained 2.4% to $99.47.
CNBC reports the jump followed a New York Times report, citing unnamed U.S. officials, that U.S. and Israeli militaries have drawn up plans for renewed strikes on Iran after next month's midterm elections. President Trump told reporters the U.S. is not negotiating with Iran and that something will happen "fairly soon." The U.S. also ordered non-emergency government staff and families to leave Saudi Arabia, citing rising Houthi attacks; Saudi state media said at least two people were killed in an attack on Dammam's airport.
Yahoo Finance notes Brent is up more than 50% since the Iran war began in late February. One fund manager quoted by CNBC argues households are less exposed to oil shocks than decades ago.
Across the spectrum 3
Democrat
Sen. Chuck Schumer (D-N.Y.), Senate Minority Leader: As the Iran war pushed fuel prices to records in early September 2026, Schumer posted on X: "$5.84 a gallon for diesel is a new all-time high. Donald Trump and JD Vance own this," The National News Desk reported (Sept. 4, 2026).
WJLA (The National News Desk) ↗Libertarian
Katherine Thompson, Cato Institute: When Trump notified Congress in July 2026 that military action against Iran had resumed, Thompson said that while the War Powers Resolution is "an ineffective tool," Congress's power of the purse gives it "more than just a 60-day clock at its disposal to challenge and block walking the U.S. into another endless war."
Cato Institute ↗Republican
President Donald Trump: Asked about Iran late on Oct. 21, Trump said the U.S. is not negotiating with Iran and that "something one way or the other" will "happen fairly soon," adding: "Most people seem to think it's after the election. We're going to see what happens," CNBC reports.
CNBC ↗-
Oil prices and outlook
After exploring Brent crude tops $113, highest level since May, after Trump hints at action on Iran, for what actually sets the price of a barrel, try Oil prices and outlook.
The EIA's explainer says crude prices are driven by global supply and demand, with economic growth a major factor, and describes how OPEC can influence supply and prices.
U.S. Energy Information Administration · Wade · 5 min
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Brent Crude
After exploring Brent crude tops $113, highest level since May, after Trump hints at action on Iran, the benchmark itself is explained in Brent Crude.
Wikipedia explains that Brent is the classification for light, sweet North Sea crude first produced in 1976, and that in finance it usually refers to the ICE futures contract.
Wikipedia · Wade · 5 min
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