# Brent climbs above $117 as markets assess risk of renewed Iran strikes

- URL: https://talkfuse.com/story/oil-price-rises-above-117-a-barrel-amid-fears-us-will-renew-strikes-on-iran/
- Published: 2026-10-23T16:48:28+00:00
- Updated: 2026-10-23T17:04:39+00:00
- Original publisher: The Guardian (publisher lean: Left)
- Original article: https://www.theguardian.com/business/2026/oct/23/oil-five-month-high-fears-us-renews-strikes-iran
- Topics: Americas, Business, Markets, Middle East, Software, Technology, World

## Key points

- Brent briefly rose above $117 a barrel.
- Fears of renewed strikes on Iran drove market concerns.
- Gulf shipping and refinery attacks added to supply risks.

## Summary

Brent crude rose by about 3.5% on Friday, briefly topping $117 a barrel, as markets weighed the risk of renewed US and Israeli strikes on Iran. The rise matters because escalating threats and attacks around the Gulf could disrupt oil supplies and shipping routes.

Iran warned it would target Gulf oil facilities and other infrastructure if a new offensive began, while its Revolutionary Guards claimed to have struck four commercial ships in the Strait of Hormuz. Oil was around $72 a barrel before the war began in February and reached $126 in late April; concerns have also been fuelled by Houthi attacks on Saudi Arabia and Ukrainian strikes on Russian refineries.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.