Business · Energy & Commodities · 3 hrs ago
Oil prices rise on fears of renewed US-Iran attacks after election
Brent crude rose above $116 a barrel on October 23, its highest level since May, while US oil traded near $105.
The rise reflects fears of renewed US attacks on Iran after the November 3 election, not a newly reported supply disruption.
US media have reported that plans for attacks may be in place, while President Donald Trump says the United States will not attack before the vote.
Trump also says oil shipments through the Strait of Hormuz, a route for about one-fifth of global oil consumption, are above pre-war levels.
The price rise partly reflects a risk premium: traders are paying more because they fear a possible future supply shock.
Higher oil prices can raise transport, food and energy costs, adding to inflation and putting pressure on household budgets.
That could affect the Federal Reserve's interest-rate decisions; its next meeting is scheduled for October 27 and 28, and markets expect energy costs to strengthen the case for further rate rises.
Brent crude rose above US$116 a barrel on October 23, its highest level since May, amid fears of renewed US attacks on Iran after the US midterm elections.
The article says the price rise reflects market concern about a possible future supply shock, not a supply disruption that has already occurred.
US media reports said the United States had drawn up plans to resume attacks on Iran after the election, scheduled for November 3.
President Donald Trump said the United States would not attack before the election and suggested fuel prices would fall afterward.
The article says higher oil prices could add to inflation and strengthen expectations of further US interest-rate increases.
- Who
- US officials reportedly drew up plans for renewed attacks on Iran; President Donald Trump said the United States would not attack before the election.
- What
- Oil prices rose amid fears of renewed US attacks on Iran after the election.
- When
- Brent topped US$116 on October 23, 2026. The US midterm elections are scheduled for November 3.
- Where
- The reported plans concern Iran; the oil prices cited are international Brent and US WTI.
- Why
- Markets fear the conflict could enter a new phase after the election and cause a supply shock.
Market fears of renewed attacks
Donald Trump
Risk after the election
Market fears of renewed attacks
Reports cited by the article said the United States had drawn up plans to resume attacks on Iran after the midterm election.
Donald Trump
Trump said the United States would not attack before the election and suggested fuel prices would fall afterward.
Oil supply outlook
Market fears of renewed attacks
Markets priced in the possibility of a supply shock.
Donald Trump
Trump said oil flows through the Strait of Hormuz were above prewar levels and accused Iran of exaggerating attacks to push prices higher.
The Federal Reserve raised interest rates for the first time since 2023.
Brent crude rose above US$116 a barrel, its highest level since May.
The Federal Reserve’s next committee meeting was scheduled to take place.
The US midterm elections were scheduled.
- Brent crude
- Above US$116 a barrel on October 23, 2026
- WTI crude
- Around US$105 a barrel
- Brent’s rise in 2026
- More than 80%
- US midterm election
- November 3, 2026
- Oil through the Strait of Hormuz
- About 20% of global consumption