Oil Climbs as Middle East Risks Return After AI Worries Fade
Oil rose as Middle East tensions returned to the forefront, with Brent near $110 and an unexpected drop in US crude stocks adding support to prices.
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what happened
According to Dow Jones Newswires, oil prices advanced on Thursday and Asian stock markets slipped, as attention shifted back to the Middle East after worries about artificial intelligence eased.
President Trump said the United States will not attack Iran before the November 3 midterm elections, but The Wall Street Journal reported that the military is drawing up several strike options. Two carrier strike groups are already in the region, and a third is heading over from the Pacific.
Saudi authorities placed responsibility for a deadly attack on a civilian airport on Iran-backed Houthi fighters. Washington ordered non-emergency government staff and their families to leave Saudi Arabia. The kingdom's energy ministry said it intercepted a drone aimed at Saudi Aramco's Shaybah oil field. US crude inventories fell 3.1 million barrels last week, more than expected, according to EIA data. WTI futures rose 0.9% to $98.02 a barrel, while Brent gained 1.1% to $109.98. Spot gold fell 0.6% to $4,114.73 an ounce and silver dropped 1.1% to $57.31.
why it matters
Supply disruptions from the Middle East keep pressure on global crude inventories, and WTI is hovering near the psychologically important $100 level. Rania Gule, senior market analyst at XS.com, expects prices to keep reacting sharply to political headlines. Higher oil also fuels inflation worries, which weigh on precious metals.
market impact
Oil: Middle East supply risks support Brent and WTI; gold and silver under pressure from inflation fears
tags
instruments
sources
- Oil Rises as Geopolitics Back in Focus After AI Jitters Ease — Dow Jones Newswires, 22 October 2026 at 02:41 UTC
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