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Markets · October 22, 2026 · 2 min read

Brent crude tops $111 as U.S. weighs Iran strikes and orders staff out of Saudi Arabia

By Econ Data Tools Editorial Team

Published October 22, 2026 • Updated October 22, 2026

Reviewed by Instinct source QC

Brent crude rose 2.8% to $111.81 a barrel and WTI gained 1.7% to $98.83 on October 22, 2026, after reports that U.S. and Israeli militaries have drawn up plans for renewed strikes on Iran. The State Department ordered non-emergency staff to leave Saudi Arabia following deadly Houthi attacks, and Saudi Aramco evacuated its Dhahran headquarters. Elevated crude threatens to extend energy-driven pressure in fourth-quarter inflation readings.

Oil prices climbed sharply on October 22, 2026, as reports of U.S. and Israeli planning for renewed strikes on Iran compounded supply fears already stoked by escalating attacks on Saudi Arabia. Brent crude futures rose 2.8% to $111.81 a barrel as of 11:07 a.m. Eastern after nearly touching $113, while U.S. West Texas Intermediate gained 1.7% to $98.83 after breaking above $100 earlier in the session. The U.S. and Israeli militaries have drawn up specific plans for renewed strikes on Iran after next month's midterm elections, unnamed U.S. officials told The New York Times, with planning for a short but intensive operation progressing. Asked by a reporter late Wednesday, President Donald Trump said the U.S. is not negotiating with Iran and that something will happen fairly soon, adding that most people seem to think it comes after the election. The State Department ordered non-emergency government employees and their families to leave Saudi Arabia, citing escalating attacks by Iran-allied Houthis on civilian targets. At least two people were killed and eight injured in an attack on King Fahd International Airport in Dammam on Wednesday, according to Saudi state media. Saudi Aramco has told staff to evacuate its Dhahran headquarters and work remotely, people familiar with the matter told Reuters. The spike extends a sustained rally driven by conflict risk premia across Gulf supply infrastructure. Market analysts note, however, that the macroeconomic transmission of high oil prices has weakened: Aptus Capital Advisors' David Wagner pointed out that consumers are less vulnerable to energy shocks than in previous decades, with crude representing a smaller share of household spending. For policy watchers, triple-digit Brent complicates the inflation outlook. Energy was already the largest single contributor to September's 0.6% monthly CPI increase, with gasoline up 9.1% on the month; a sustained move above $110 risks feeding another leg of energy-driven price pressure into fourth-quarter readings.

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