The Guardian, on Iran, 23 October 2026

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Oil hits five-month high amid fears US will renew strikes on Iran

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Oil has hit its highest level in more than five months as fears of fresh escalation in the Middle East conflict grip the energy markets. Brent crude, the international benchmark for oil, rose by 1% on Friday morning to $114.72 a barrel – its highest level since May. The increase came after Tehran said it would strike oil facilities, undersea cables, datacentres and AI facilities in the Gulf region if a new US-Israeli attack was launched against Iran .

“Widespread reports that the US is considering renewed military strikes on Iran after the midterm elections rather than pursuing a diplomatic route was enough for the price to pop, after what many had considered would be a brief conflict is now in its eighth month,” said Richard Hunter at the broker Interactive Investor. Oil had traded at about $72 a barrel back in February, before the Iran war began, but soared to $126 a barrel by the end of April.

Tensions in the region have been rising this week; Iran’s Islamic Revolutionary Guards Corps claimed to have struck four commercial ships in the strait of Hormuz on Wednesday. The US state department ordered some diplomats and the families of US government employees to leave Saudi Arabia , which has faced continued attacks from Houthi rebels in Yemen. Susannah Streeter, the chief investment strategists at the broker Wealth Club, said fears were rising that American and Israeli forces would be ordered to launch strikes on Iran’s energy infrastructure after the US elections on 3 November.

“At the same time, the attacks on Saudi Arabia’s facilities by Houthi rebels have intensified this week, and for ships attempting to cross the strait of Hormuz, it’s still a dangerous journey, with projectiles still being fired,” she said. skip past newsletter promotion Free newsletter | Every weekday Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email Sign up after newsletter promotion Streeter said Ukraine’s bombardment of Russian diesel refineries was also adding to supply concerns.

Explore more on these topics Oil Commodities US-Israel war on Iran Strait of Hormuz Middle East and north Africa Iran news Share Reuse this content

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About this analysis

The Guardian reports that Brent crude reached a five-month high on fears that the US will renew strikes on Iran after the midterm elections, and on Tehran's threat to hit Gulf energy and tech infrastructure if attacked again. It attributes each party's claims to that party and quotes market analysts for the price moves. Nothing in it misleads the reader.

What it gets right

  • “Iran’s Islamic Revolutionary Guards Corps claimed to have struck four commercial ships”

    The Guardian marks the IRGC's account of the ship strikes as a claim rather than stating it as fact. Its own earlier reporting noted there was no independent verification.

  • “Tehran said it would strike oil facilities, undersea cables, datacentres and AI facilities in the Gulf region if a new US-Israeli attack was launched against Iran”

    The Guardian attributes the threat to Tehran and names the US and Israel as the parties whose attack would trigger it, so the reader knows who would strike first.

  • “American and Israeli forces would be ordered to launch strikes on Iran’s energy infrastructure”

    The Guardian names the US and Israel as the actors of the feared strikes rather than writing them in the passive.

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