Oil prices climbed to a five-month peak on Friday, 23 October 2026, as concerns grew over possible new strikes on Iran, The Telegraph reported. Brent crude rose above $113 a barrel, its highest level since May, according to CNBC.
The Telegraph linked the rally to fears of fresh military action against Iran. CNBC reported that former US President Donald Trump had hinted at action on Iran. The Times reported that oil rose 4% to $113 a barrel following Houthi attacks, which the paper said threaten global supply. The Guardian also reported that prices had jumped to a five-month high as attacks put global supply at risk.
Coverage across several outlets pointed to the same underlying worry: that disruption tied to Iran and the Houthis could tighten the availability of crude. Reuters reported that prices rose more than 1% as supply concerns lingered, suggesting the market remained unsettled even after the initial jump.
The reports did not specify what form any new strikes might take, nor did they quantify the potential impact on supply. The figures cited by CNBC and The Times place Brent at its strongest level in roughly five months.
Traders will be watching for official statements on Iran and for any further Houthi activity, since either could move prices again.