Oil price rises above $115 a barrel amid fears U.S. will renew strikes on Iran | 23 Oct 2026 | 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 above $115 a barrel — its highest level since May. The increase came after Tehran said it would attack oil facilities, undersea cables, datacentres and AI facilities in the Gulf region if a new US-Israeli offensive was launched against Iran. Tensions in the region have been rising this week and Iran’s Islamic Revolutionary Guards Corps claimed to have struck four commercial ships in the Strait of Hormuz on Wednesday.