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Source: Newsmaker.id
Global oil prices spiked sharply during trading on Thursday (October 22, 2026), driven by growing concerns that the conflict involving the United States (US), Israel, and Iran could escalate, potentially disrupting global energy supplies. Brent crude rose 2.8% to US$111.84 per barrel as of 19:47 WIB (Western Indonesian Time), while West Texas Intermediate (WTI) climbed 2.6% to US$99.67 per barrel. This surge was fueled by reports suggesting the possibility of further military strikes against Iran following the US midterm elections this November. Market anxiety was further compounded by data showing a larger-than-expected decline in US crude oil inventories, which provided additional upward pressure on prices.
According to a report by The New York Times, the United States and Israel are reportedly considering intensified strikes against Iran, potentially targeting energy infrastructure, nuclear facilities, and strategic weaponry. The report notes an increase in military preparations, including discussions between US Secretary of Defense Pete Hegseth and Israeli Prime Minister Benjamin Netanyahu regarding various operational options. However, these plans remain at the stage of military deliberation rather than an officially announced decision to launch an attack. Meanwhile, Iran has warned that it would respond forcefully to any new aggression, potentially expanding its own targets to include energy facilities and strategic infrastructure across the Middle East. This situation has heightened fears regarding the risk of oil and gas supply disruptions should the conflict escalate further.
Tensions have intensified following reports from Iranian state television that seven oil tankers in the Strait of Hormuz were either set ablaze or damaged by attacks and naval mines. According to reports cited by the Associated Press, four of the vessels caught fire during ship-to-ship oil transfers, while three others sustained damage after striking mines. This claim cannot yet be independently verified, but it once again highlights the high security risks facing global energy trade routes.
Amidst this situation, oil exports from the Persian Gulf region are reportedly nearing pre-conflict levels, though logistical disruptions and security threats continue to loom over energy distribution. Should a military escalation occur, concerns regarding supply constraints could intensify, keeping upward pressure on oil prices.
Conclusion
The surge in oil prices indicates that geopolitical risk has once again become a dominant factor in the global energy market. Fears of potential follow-up attacks by the U.S. and Israel against Iran, combined with mounting security threats in the Strait of Hormuz, have led investors to factor in the possibility of more significant disruptions to oil distribution. (yds)
Source: Newsmaker.id