Oil Prices Surge Above $113 as Middle East Attacks Threaten Global Supply

Brent crude surged 4% on Thursday to settle at $113.17 a barrel — its highest level since May — and pushed above $114 on Friday, as attacks on Saudi energy targets and reports of planned strikes on Iran revived fears of a major supply shock. U.S. benchmark West Texas Intermediate (WTI) rose about 2.2–2.4% to roughly $99.30–$99.47 a barrel.

Key Facts

• Brent crude: $113.17 settle (+4%), above $114 Friday — highest since May
• WTI crude: about $99.30–$99.47 a barrel (+2.2–2.4%)
• Trigger: Houthi attacks on Saudi targets; reports the U.S. and Israel are drawing up strike plans against Iran
• Brent is on track for a third straight weekly gain
• Energy stocks gained even as the wider market fell — Chevron rose over 1%

Why are oil prices rising so fast?

Two risks are colliding. First, attacks by Iran-backed Houthi rebels on Saudi Arabia — the world's top exporter — threaten physical supply today. Second, reports that Washington and Israel are preparing possible strikes on Iran after the November 3 U.S. midterm elections threaten something bigger: the Strait of Hormuz, through which roughly a fifth of the world's oil passes. Markets price that risk long before a single barrel is lost.

Why does $100+ oil worry everyone?

Expensive oil is a tax on the whole economy. It pushes up fuel and transport costs, feeds inflation, and complicates life for central banks — the Federal Reserve is already walking a tightrope, and the 10-year Treasury yield only just slipped below 5%. For stock investors, oil above $110 squeezes airlines, manufacturers and consumers at the same time, which is why Thursday's tech selloff came with an oil-driven chill across the market.

What should you watch?

Any confirmed disruption to Saudi output or Hormuz shipping would send prices sharply higher; a diplomatic de-escalation could unwind the risk premium just as fast. Until then, energy shares remain the market's hedge — and every driver's fuel bill is the scoreboard.

FAQ

What is the difference between Brent and WTI?
Brent is the international benchmark priced from North Sea oil; WTI is the U.S. benchmark. Brent usually trades higher — currently about $14 a barrel more.

How high could oil go?
Analysts say a real supply disruption could push Brent well beyond $120 quickly; without one, prices may ease back toward $100 as the risk premium fades.