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Business & Finance · October 23, 2026

Oil prices hit five-month high and Dow falls 700 points over fears of Iran strikes, AI spending

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Oil prices surged to five-month highs on Friday, with Brent crude reaching approximately $117 per barrel amid escalating tensions in the Middle East. The price spike followed reports that the U.S. is preparing potential military strikes on Iran after the upcoming midterm elections, alongside Iranian threats to retaliate against regional infrastructure. Concurrently, the Dow Jones Industrial Average dropped over 700 points, driven by both energy concerns and investor anxiety regarding artificial intelligence capital expenditure in the tech sector. The U.S. has ordered non-emergency personnel to leave Saudi Arabia, while President Trump has accused Iran of fabricating shipping attacks to manipulate oil markets ahead of the election.

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Reported by multiple outlets

  • Brent crude oil prices rose roughly 3% to reach their highest level since April/May 2024.
  • The Dow Jones Industrial Average fell over 700 points (approx 1.3%) on Friday morning.
  • The U.S. has ordered non-emergency personnel and their families to leave Saudi Arabia.
  • Tensions are rising following reports of potential U.S. strikes on Iran after the midterm elections.
  • Iran threatened to attack oil facilities, data centers, and AI infrastructure in the Gulf if attacked.

Reported by only some outlets

  • West Texas Intermediate crude rose 2.9% to $102.40 a barrel.
  • The national average gasoline price reached $4.29 a gallon according to AAA.
  • The Nasdaq remained roughly flat on Friday after a significant selloff the previous day.
  • President Trump claimed Iran is fabricating attacks to drive up oil prices before the midterms.
  • The conflict in the Middle East is entering its eighth month.

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