Brent Settles at $116.72, 6-Month High as US-Iran Strike Fears Deepen
Updated
Updated · CNBC · Oct 23
Brent Settles at $116.72, 6-Month High as US-Iran Strike Fears Deepen
3 articles · Updated · CNBC · Oct 23
Summary
Brent crude rose 3.1% to $116.72 a barrel on Friday, its highest settlement since April 29, while WTI gained 3.8% to $103.27.
Trump's remark that something would happen with Iran "fairly soon," plus reports that the US and Israel plan fresh post-midterm strikes, fueled expectations of renewed conflict.
Iran's army chief said the military was ready for "asymmetric warfare," while Iran-backed Houthi attacks in Saudi Arabia kept supply-risk fears elevated.
Two people were killed at the Shaybah oil field and two more died in an attack on Dammam airport; the US ordered non-essential staff out of Saudi Arabia and Aramco told Dhahran staff to work remotely.
For the week, Brent climbed 6.2% for a third straight weekly gain, extending a rally driven by widening Middle East security risks.
Could the hidden trillions in off-balance-sheet AI debt trigger the next global financial crisis if tech revenues fall short?
Will physical energy shortages and strained power grids burst the artificial intelligence investment bubble before financial markets do?
Oil at $113: Geopolitical Shocks, Inflation Surge, and the Global Tech-AI Market Crunch
Overview
A wave of Houthi and Iranian attacks on Middle Eastern oil infrastructure and shipping triggered a sharp surge in global crude prices, which quickly pushed up U.S. inflation and forced central banks to raise interest rates. As energy costs soared, technology stocks suffered heavy losses, leading to a global selloff that hit both U.S. and Asian markets. Airlines and freight companies faced soaring fuel costs, while renewable energy projects in the Middle East stalled due to disrupted supply chains. In response, governments released emergency oil reserves and investors shifted capital from tech to defensive sectors like consumer staples, highlighting the broad economic and financial impact of the oil shock.