Latest Oil Market News and Analysis for Oct. 23

Markets Iran-backed Houthi rebels in Yemen step up their attacks on Saudi Arabia.Source: Bloomberg Contact us:Provide news feedback or report an error Confidential tip?Send a tip to our reporters Site feedback:Take our Survey By Kanoko Matsuyama , Alex Longley , and Mia Gindis October 22, 2026 at 10:08 PM UTC Updated on October 23, 2026 at 5:47 PM UTC Brent oil was trading at the highest level since May as intensifying attacks on Saudi Arabia added to supply concerns already stoked by the US-Iran war. The global crude benchmark traded near $116 a barrel on Friday, up more than 5% this week, while West Texas Intermediate was above $102. Iran-backed Houthi militants claimed recent attacks on the Saudi Red Sea port of Yanbu , as well as deadly strikes on an oil field and airport in the kingdom.