Brent jumps to ~$117, near wartime peak; Trump accuses Iran of manipulating oil market, Iran's Rezaei says Tehran preparing for fresh attacks; Dow -700 midday Friday (Oct 23)
What happened
Brent crude surged nearly 4% to about $117 a barrel by midday Friday, October 23 — not far from its earlier wartime peak of around $122 and the highest since March — while WTI rose 2.9% to $102.40, according to the NY Post. The Dow Jones Industrial Average fell as much as 800 points before paring losses to about 700 points (1.3%) by 10:40 a.m. ET; the S&P 500 fell 0.4% and the Nasdaq traded roughly flat. President Trump wrote on Truth Social Thursday accusing Iran of 'doing everything they can to drive up the price of Oil prior to the US Midterm Election,' claiming Tehran is 'making up fake hits, mines, and everything else.' On the Iranian side, Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said the nation was preparing for fresh attacks in a post on X, and Iran's IRGC claimed four vessels were struck and caught fire in the Gulf with three more striking mines in the Strait of Hormuz.
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Start your free 14-day trialWho’s affected
- Broad U.S. equities (Dow -702 / -1.3% by ~10:40 a.m. ET, S&P 500 -0.4%, Nasdaq flat; chip stocks stabilized after Thursday's rout but blue chips took the hit)
- Energy majors and oil services (beneficiaries: Chevron rallied on rising oil; Brent at $117 boosts realized prices)
- Airlines, transports, consumer discretionary (national average gasoline at $4.29/gal vs $3.07 a year ago is a direct margin and demand drag)
- 10-year Treasury (hovered ~4.97% after Thursday's 19bp safe-haven plunge; higher oil revives higher-for-longer rate expectations ahead of next week's Fed meeting)