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Oil prices surge past $117 one barrel

Published : Saturday, 24 October, 2026 at 11:07 PM

Observer Online Report

Collected Photo

Global oil prices surged past $117 one barrel on Friday (October 23), reaching their highest level since April as escalating Middle East tensions raised fears of disruptions to global energy supplies.

Brent crude futures briefly climbed to $117.38 a barrel before settling at $116.72, up 3.14%. US West Texas Intermediate (WTI) crude rose 3.8% to settle at $103.27 a barrel, according to Reuters.

The price surge followed Houthi attacks in Saudi Arabia, concerns over the security of energy infrastructure and a reported oil spill off the United Arab Emirates. Rising tensions around key shipping routes also heightened fears of further supply disruptions.

Brent crude gained around 6% over the week, adding to concerns about rising energy costs and inflation worldwide.

-AH

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Editor : Iqbal Sobhan Chowdhury

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