One Turn · London, UK · October 23, 2026
Brent crude briefly passes $117 on fears of renewed Iran strikes
Brent crude rose about 3.5% on Friday to pass $117 a barrel at one point, its highest since April, after Tehran threatened retaliation against Gulf refineries and data centers if attacked. Physical Middle East crude grades softened as oil continued flowing through ship-to-ship transfers off Oman. The US Commodity Futures Trading Commission said it had looked into a large burst of oil futures selling in March shortly before Trump backed away from threats to strike Iranian power plants.