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Brent Crude Jumps 3.1% to $116.72 as Iran Strike Fears Grow

Brent crude rose 3.1% to $116.72 a barrel on Friday, Oct. 23, and gained about 6% on the week, as traders priced in new U.S. strikes on Iran.

By Global Market News Staff · · 3 min read
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Photo: Red Shuheart / Unsplash

Why it matters

  • Brent crude for December settled at $116.72 a barrel on Friday, Oct. 23, up 3.1% from Thursday's settlement of $113.17, according to Bloomberg. It touched $117.41 during the day.
  • U.S. West Texas Intermediate (WTI) for December rose about 3.8% to $103.27. Brent gained about 6.2% for the week, from $109.86 on Friday, Oct. 16.
  • Traders are pricing in new U.S. strikes on Iran and more Houthi attacks on Saudi Arabia, according to Reuters reporting carried by Business Today. Oil producer shares rose while the S&P 500 fell 0.5%.

Brent crude rose about 3.1% on Friday, Oct. 23, to $116.72 a barrel, as fears of new U.S. strikes on Iran and attacks on Saudi oil sites pushed prices higher. The December contract settled at that level, up from Thursday's settlement of $113.17, according to Bloomberg, and touched $117.41 during the day, Yahoo Finance data show.

U.S. West Texas Intermediate (WTI) crude for December rose about 3.8% to $103.27, up from $99.47 on Thursday. Reuters reporting carried by Business Today said Brent hit its highest level since April 30 and was on track for a third straight weekly gain.

Oil prices today: Brent and WTI on Friday

ContractFri., Oct. 23 settleThu., Oct. 22 settleFri., Oct. 16 settleDayWeek
Brent crude (December)$116.72$113.17$109.86+3.1%+6.2%
WTI crude (December)$103.27$99.47$99.02+3.8%+4.3%

Sources: Friday's settlements from Bloomberg; earlier settlements from Yahoo Finance daily data for the December contracts. Percentage changes are calculated from those figures.

Why are oil prices rising today?

Traders expect the U.S. to resume military strikes on Iran, and Yemen's Houthi militants have kept up attacks on Saudi Arabia. Both raise the risk of losing supply from the Persian Gulf.

President Donald Trump said Wednesday that Washington was not negotiating with Iran and that something would happen "fairly soon," according to the Reuters reporting carried by Business Today. The New York Times reported, citing U.S. officials, that the U.S. and Israel have plans for fresh strikes on Iran after the midterm elections. Iran's army chief, Maj. Gen. Amir Hatami, said the military was "fully prepared for asymmetric warfare," Iran's Tasnim news agency reported, according to Stocktwits.

In Saudi Arabia, a drone attack on the Shaybah oil field on Wednesday killed two people and injured two, Saudi state media reported, according to Business Today. Reuters reported that Saudi Aramco told staff to evacuate its Dhahran headquarters and work remotely on Thursday.

UBS analyst Giovanni Staunovo warned that further escalation could cause more supply disruptions, according to Reuters. Citi analyst Francesco Martoccia cautioned that a recovery in Strait of Hormuz shipments toward prewar levels, reported by Bloomberg, may not last, Stocktwits reported.

Supply worries outside the Gulf added to the pressure. In Libya, output at the Hamada and Tahara fields fell after a valve on the pipeline to the Zawiya port was closed, Reuters reported, citing an official at the National Oil Corporation.

How did energy stocks react?

Oil producers rose while the broader market fell. Exxon Mobil closed up 2.8% at $183.21 and Chevron rose 2.9% to $233.21, according to Yahoo Finance data. The Energy Select Sector SPDR Fund (XLE) gained 2.6%, and the United States Oil Fund (USO) rose 4.3% to $169.53. The S&P 500 slipped 0.5% to 7,623.68, and the Dow Jones Industrial Average fell 1.2%.

For what drove prices at the start of the week, see what is moving oil prices today. For a company that reported on Friday, see American Express's third-quarter results.

Follow more energy market news on oil, gas and power prices.

Sources

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