- WTI settled up 3.8% at $103.27 a barrel on October 23, 2026, a 4.3% gain on the week.
- Brent rose 3.1% to $116.72 a barrel, a 6.2% weekly gain and its highest close since April 29.
- Brent settled near $117 as a flare-up in Middle East violence threatened supplies.
- Oil gains lifted inflation concerns just days ahead of the Federal Reserve rate decision, pushing stocks and bonds lower.
- The Dow Jones Industrial Average slipped 1.2% and most S&P 500 firms fell, while Treasuries gave back part of the prior session's rally.
- Reuters reported gold set for a steep weekly loss as rising oil prices bolstered Fed rate hike bets.
Quotes
“Crude oil prices are on the rise as the market rebuilds geopolitical risk premium amid escalatory rhetoric from the U.S./Israel and Iran, raising fears of renewed and potentially even more intense back-and-forth strikes”