Brent crude finished Friday, Oct. 23, at $116.72 a barrel, up 3.1%, and U.S. West Texas Intermediate settled at $103.27, up 3.8%, according to both CNBC and The Rio Times^1,2. CNBC said that Brent close was the highest settlement since April 29¹.

CNBC framed the session around Middle East risk: comments from Iran’s army chief, Houthi strikes in Saudi Arabia, and a Reuters report that Saudi Aramco told staff to leave its Dhahran headquarters¹. The Rio Times treated the same closes as a Latin America market wrap, highlighting U.S.-listed oil funds and Petrobras, YPF and Ecopetrol, without detailing that day’s supply news².

CNBC said Brent added 6.2% for the week, a third consecutive week of gains, and WTI advanced 2% for the week¹.

Iran’s army chief said the country’s military is prepared for “asymmetric warfare” after strengthening its capabilities, according to the state media agency Tasnim, CNBC reported¹. The same outlet said Iran-allied Houthi militants have continued to strike Saudi Arabia and that the U.S. State Department ordered non-essential personnel to leave the kingdom¹.

CNBC said a drone attack on the Shaybah oil field Wednesday left two people dead and two injured, according to Saudi state media, and that at least two people were killed and eight injured in an attack on King Fahd International Airport in Dammam¹. It also cited Reuters that Aramco told staff to evacuate Dhahran and work remotely after Houthi attacks¹.

The Rio Times said the U.S. oil fund USO rose 4.32% to $169.53 and the Brent fund BNO rose 3.0% to $70.99². Petrobras gained 2.11% to $26.16, YPF 3.07% to $50.68 and Ecopetrol 4.64% to $17.80 in New York, it reported².

Higher crude usually raises gasoline prices within weeks, The Rio Times said, and can keep inflation and interest rates higher for longer². It said the University of Michigan survey showed U.S. consumers expecting 4.7% inflation over the next year, matching a forecast and up from 4.6% previously².

The Rio Times said the next scheduled U.S. crude inventory report is Oct. 28². CNBC said traders were watching whether the United States would resume strikes on Iran in coming weeks¹.

Sources

1. CNBCBrent crude oil tops $116, a six-month high, as tensions swell in the Middle EastOct 23, 5:02 AM
2. The Rio TimesBrent Crude Settles at US$116.72, Up 3.1% | Oil, Oct 23Oct 23, 9:00 PM

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