Day 109 · U.S.-Iran Regional Conflict Updated Oct 23, 6:21pm ET

Iran War Sends Oil Higher

Brent crude topped $114 as the Iran war and regional attacks fueled supply fears.

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· 23 sources

What happened

Brent crude rose above $115 a barrel on Friday, its highest level in more than five months, as markets priced in deeper supply risks. Attacks by Iran-aligned Houthis on Saudi Arabia, including strikes affecting its oil sector, and an oil spill off the UAE added to concerns. The U.S.-Israel war with Iran, which began on February 28, has disrupted regional energy flows and exposed shipping through the Strait of Hormuz. Iran’s Revolutionary Guard said Iranian forces had disabled tankers near the strait, while President Donald Trump accused Iran of inventing attacks to lift prices. Further disruption remains uncertain as renewed strikes are considered after the midterms.

How each side covered it

From the left

Left-leaning outlets framed the oil jump as a direct economic cost of the war, stressing supply risk over market-side explanations. The Guardian led with fears that renewed U.S. action would keep energy supplies vulnerable. The Los Angeles Times tied higher fuel costs to weaker stocks, while Daily Kos cast prices as a political threat to Republicans.

From the right

Right-leaning outlets framed the surge as a market shock from possible Middle East escalation, while giving more space to investor worries beyond oil. The New York Post linked consumer pressure to falling stocks and questioned whether AI spending could hold up. Just the News emphasized that new attacks could invite wider Iranian retaliation despite Trump’s show of control.

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