Brent oil prices exceeded $115 per barrel for the first time since May

The price of December futures for Brent oil at auction on Friday, October 23, on the London exchange ICE Futures increased by 1.74%, to $115.14 per barrel. This is evidenced by trading data at 15:09 MSK. The previous time above the mark of $115 per barrel, Brent crude oil was traded on May 4, 2026.

Oil prices have risen to highs in almost six months amid continued conflict in the Middle East and increased attacks on tankers in the Strait of Hormuz. Attacks on an international airport and an oil field in Saudi Arabia this week have heightened fears of escalating conflict and further disruptions to oil supplies from the region.

The New York Times reported this week that the U.S. and Israel have drawn up plans for more strikes against the Islamic Republic after the U.S. midterm elections early next month.

The conflict in the Middle East has been going on for more than eight months. The United States began to strike Iran in late February 2026. In mid-June, the parties signed a memorandum of understanding, but soon after the signing of the memorandum again began to exchange blows.

Both sides subsequently claimed control of the Strait of Hormuz. Washington has declared a blockade of Iranian ports, Tehran has closed the waterway to ships associated with the United States, Israel and other “unfriendly” states.

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