Why it matters
- December Brent settled at $116.72 a barrel on Friday, Oct. 23, up $6.86, or 6.24%, from $109.86 a week earlier. December WTI rose $4.25, or 4.29%, to $103.27, based on Bloomberg settlements and Yahoo Finance data.
- Both contracts fell Monday through Wednesday. Brent then gained 7.26% in two sessions after a deadly drone strike on Saudi Aramco's Shaybah field and Houthi claims of attacks on the port of Yanbu, Bloomberg reported.
- Gold futures fell 4.17% over the same week, to $4,006.90 an ounce, and the S&P 500 slipped 0.47%, Yahoo Finance data show.
Analysis: this piece includes our interpretation of the facts reported.
December Brent crude settled at $116.72 a barrel on Friday, Oct. 23, up 6.24% for the week, Bloomberg settlement reports show. Bloomberg said Brent finished at its highest level since April. December West Texas Intermediate settled at $103.27, up 4.29% for the week. The whole gain came in the last two sessions.
How much did oil rise this week?
Brent rose $6.86 a barrel from its Oct. 16 settlement of $109.86. December WTI rose $4.25 from $99.02, according to Yahoo Finance data for the December contract. Friday alone added 3.1% to Brent and 3.8% to WTI, Bloomberg reported.
| Date (2026) | December Brent | December WTI | Brent premium |
|---|---|---|---|
| Fri., Oct. 16 | $109.86 | $99.02 | $10.84 |
| Mon., Oct. 19 | $109.55 | $98.54 | $11.01 |
| Tue., Oct. 20 | $108.79 | $97.82 | $10.97 |
| Wed., Oct. 21 | $108.82 | $97.15 | $11.67 |
| Thu., Oct. 22 | $113.17 | $99.47 | $13.70 |
| Fri., Oct. 23 | $116.72 | $103.27 | $13.45 |
| Week | +$6.86 (+6.24%) | +$4.25 (+4.29%) | +$2.61 |
Brent settlements for all six days and WTI settlements from Oct. 20 to Oct. 23 are from Bloomberg reports. December WTI for Oct. 16 and Oct. 19 is from Yahoo Finance daily data (CLZ26.NYM), because Bloomberg quoted the November contract on those days. Premium and changes calculated by Global Terminal.
From Friday to Wednesday, Brent slipped 0.95% and December WTI 1.89%. Brent then gained 7.26% on Thursday and Friday, and WTI 6.30%. The gap between the two benchmarks widened to $13.45 from $10.84 as Brent led the rally. We looked at that gap in more detail in our Brent-WTI spread analysis.
What drove oil prices higher this week?
Attacks on Saudi Arabia drove the late rally, according to Bloomberg. On Thursday, Bloomberg reported that a drone strike on Saudi Aramco's Shaybah field killed two people, and that Houthi rebels claimed attacks on the port of Yanbu. Brent rose 4% that day. OilPrice.com reported that Aramco ordered staff to evacuate its Dhahran headquarters.
Bloomberg on Friday also cited worry about the Strait of Hormuz and reports that the U.S. and Israel plan new strikes on Iran after the midterm elections. "Weekend escalation fears are adding fuel," Rebecca Babin, a senior energy trader at CIBC Private Wealth Group, told Bloomberg.
Earlier in the week, prices fell. On Monday, Bloomberg cited signs of looser physical supply, with flows through Hormuz holding up. On Tuesday it cited trend-following funds that were already fully long, which left prices open to a sell-off. Bloomberg said Brent is up more than 85% this year because of the U.S.-Iran war.
Did other markets move with oil?
No. Gold and stocks fell while oil rose, based on Yahoo Finance data.
| Market | Fri., Oct. 16 | Fri., Oct. 23 | Week |
|---|---|---|---|
| December Brent ($/barrel) | 109.86 | 116.72 | +6.24% |
| December WTI ($/barrel) | 99.02 | 103.27 | +4.29% |
| Gold futures ($/ounce) | 4,181.10 | 4,006.90 | −4.17% |
| Silver futures ($/ounce) | 56.995 | 53.92 | −5.40% |
| S&P 500 | 7,659.44 | 7,623.68 | −0.47% |
| U.S. 10-year yield | 5.09% | 5.00% | −0.09 pt |
Gold and silver are the latest Yahoo Finance futures levels at about 20:45 GMT on Oct. 23. The 10-year yield is the Treasury Department's par yield.
The Fed, the European Central Bank and the Bank of Japan all decide on rates next week. See our week-ahead calendar, our U.S. crude stocks analysis and current prices on the world markets page.
Sources
- Bloomberg via Rigzone, Brent Tops $116 as Middle East Risks Grow, Oct. 23, 2026
- Bloomberg via Rigzone, Oil Surges 4% After Deadly Saudi Attacks, Oct. 22, 2026
- Bloomberg via Rigzone, Oil Gains After Saudi Oil Field Attack, Oct. 21, 2026
- Bloomberg via Rigzone, Oil Slips as Iran Talks Fuel Volatility, Oct. 20, 2026
- Bloomberg via Rigzone, Oil Prices Hover Near Five-Month High, Oct. 19, 2026
- Bloomberg via Rigzone, Brent Oil Hits $110 as Supply Risks Mount, Oct. 16, 2026
- OilPrice.com, Brent Hits $114 as Houthi Attacks Threaten Saudi Energy Infrastructure, Oct. 23, 2026
- Yahoo Finance chart data: December Brent (BZZ26.NYM), December WTI (CLZ26.NYM), gold, silver and S&P 500, accessed Oct. 23, 2026
- U.S. Treasury Department, Daily Treasury par yield curve rates, 2026