Brent rises above $117 amid Middle East tensions
By the AFREEQUE newsroom, based on ThisDay
Brent crude exceeded $117 a barrel, its highest level since April, amid fears of renewed US action against Iran and threats targeting energy infrastructure. Nigeria’s daily oil losses also reached 17,600 barrels between January and July 2026, reports ThisDay.
Brent crude, the North Sea benchmark, rose above $117 a barrel during weekend trading before falling back slightly to above $116. The price gained about 3.5% at the session’s high and remained up 2.7%, amid fears of renewed US strikes against Iran and threats targeting energy infrastructure in the Middle East, reports ThisDay.
The rise came after reports that Washington was considering new strikes against Tehran after the US midterm elections on 3 November. Iran has threatened to target oil facilities, undersea cables, data centres and artificial intelligence infrastructure in the Gulf in the event of a US and Israeli offensive. Brent traded at around $72 in February before reaching about $126 in late April, when the conflict had intensified.
In Nigeria, the navy discovered 132,000 litres of stolen crude oil in the Allison community, in Bonny local government area, Rivers State. The operation targeted a suspected storage point in the illicit network, as forces involved in Operation Delta Sentinel intensify the fight against oil theft in the Niger Delta.
This latest rise extends the series of increases reported since Brent reaches $115 on 23 October, after it previously exceeded $110 on 21 October.
