Daily newsletter · Sat 24 Oct 2026
Brent crude closed at US$116.72, its highest since April, as attacks spread across Saudi Arabia
Brent crude, the global oil benchmark, rose 3.14% on Friday to settle at US$116.72 a barrel. West Texas Intermediate, the American benchmark, gained 3.82% to US$103.27.
The fighting is getting closer to the oil. Houthi rebels in Yemen, who are backed by Iran, have carried out a run of attacks across Saudi Arabia. A drone strike on the Shaybah oil field on Wednesday killed two people, according to Saudi state media.
Traders have a second worry. The New York Times reported that the US and Israel have plans for fresh strikes on Iran after the US midterm elections.
Brent rose 6.2% over the week, its third weekly gain in a row.
Energy was the best of the S&P 500's 11 sectors on Friday, up 2.26%. ExxonMobil rose 2.79% to US$183.21. SLB, which sells drilling services to oil producers, jumped 7.08% after beating profit forecasts and pointing to a recovery in Middle East work.
The fuel buyers paid for it. Delta Air Lines fell 3.13% to US$76.78, and United and American Airlines fell with it.
dearer oil helps a handful of producers and costs almost everyone else. On Thursday, Procter & Gamble said its cost forecast assumes Brent at US$100. Our read is that the longer Brent stays above US$110, the more company forecasts built on cheaper oil will need redoing.
More in
All stories →- Tuesday 10 November An $8 billion Iranian proposal reached the White House and took another 4% off oil
- Monday 9 November Energy stocks had their worst week since April 2025 as the war premium drained out of oil
- Tuesday 3 November Oil fell more than 7% because Iran and the United States started talking
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