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Oil prices hit highest point since May Oil prices on Friday hit their highest point since May as the war in Iran drags on. As of Friday morning, futures for international benchmark Brent crude were trading at $116 per barrel, while U.S benchmark West Texas Intermediate traded at about $102. The high prices come as the war in Iran nears the eight-month mark and shows no signs of stopping. While vessels have been moving through the Strait of Hormuz, shipping in the Middle East has become increasingly expensive due to war-related risks. Gasoline prices were also relatively high, but lower than they have been in recent weeks. As of Friday, the average U.S. price was about $4.29 per gallon, according to AAA, down about 18 cents from a month ago but up about $1.22 from this time a year ago. If oil prices remain high, gas prices could go even higher as the midterms loom. Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
document fetched 2026-10-23 16:27 · canonical https://thehill.com/policy/energy-environment/6168144-oil-prices-iran-war-strait-of-hormuz