Brent Crude Nears Yearly High Amid Iran Tensions and Houthi Attacks

Brent crude touched $117.42 per barrel on Friday, October 23, its highest since April, driven by fresh attacks by Iran-backed Houthi forces on Saudi Arabia and concerns over potential renewed US strikes against Iran targeting energy infrastructure after the November 3 elections. This rise in oil prices, coupled with existing struggles in Wall Street (Nasdaq plunged 2.6%, S&P 500 lost 1.2%) and a sharp drop in Bitcoin toward $81,400, adds inflationary pressure, potentially keeping Federal Reserve interest rates restrictive and threatening corporate earnings.