Oil Price Today: Crude Jumps to $114, Highest in Five Months, as Houthi Attacks Escalate

Crude oil price chart

Oil prices surged to $114 a barrel on Thursday, the highest level in more than five months, as escalating Houthi attacks rattled energy markets. The Houthi movement carried out a series of attacks targeting airports and other sites in Saudi Arabia, raising fears of wider disruption to supplies from the region.

Energy stocks powered ahead on the news while broader markets stayed nervous. London blue-chip index was set for a flat open as energy strength pulled one way and market jitters over a wider tech sell-off pulled the other. The spike adds to pressure on fuel-importing economies already wrestling with inflation.

US President Donald Trump has meanwhile accused Iran of trying to push oil prices up ahead of the November 3 US midterm elections. Analysts warn that any further escalation around the Strait of Hormuz could send prices even higher in the coming weeks.

Source: Daily Brief, October 23 2026

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