Brent crude traded at $117.38 per barrel on Sunday 25 October 2026, holding above the $117 mark after closing Friday at $116.72, as fears of fresh US strikes on Iran and disruption to Gulf shipping kept oil prices elevated. Friday's close was up 3.14% on the day, from an open of $113.15, with a session high of $117.45 and a low of $112.74, according to market data. US benchmark WTI traded around $103.44, leaving a Brent-WTI spread of roughly $13.43. Figures vary slightly between data providers, so readers should treat the levels as indicative rather than exact.

Why crude stays high

The latest rally followed reports that Washington was considering fresh military strikes against Iran after the November midterm elections, raising concerns that the conflict, now in its eighth month, could escalate further rather than move towards a diplomatic resolution. Iran has threatened to attack oil facilities, undersea cables, data centres and artificial intelligence infrastructure across the Gulf if the United States and Israel launch a new offensive. Tensions rose again during the week following claims by Iran's Islamic Revolutionary Guards Corps that it struck four commercial vessels in the Strait of Hormuz, the narrow waterway through which much of the world's oil passes.

The longer price journey

Brent traded at about $72 a barrel in February, before the war began, then surged to about $126 by the end of April as the conflict intensified and concerns mounted over supply security. Economists warn that sustained prices in the $115 to $120 range will weigh on growth and inflation in oil-importing economies, with India's central bank projections based on a $95 baseline now looking optimistic. For markets, every political update from the Gulf remains a potential price trigger. This is market reporting, not investment advice.