Oil prices hit highest level since May on worries about the Iran war

AP reported on Oct. 22 that oil prices hit their highest levels since May on worries about the war with Iran, while U.S. stocks fell on drops in artificial-intelligence stocks. As of 2:30 p.m. Eastern time, AP said, the S&P 500 was down 1.4%, the Nasdaq composite was down 2.8% and the Dow Jones Industrial Average was down 0.2%, or 113 points.

Reuters reported that Brent futures rose $3.51, or 3.2%, to $112.33 a barrel at 1:05 p.m. EDT, and that U.S. West Texas Intermediate crude rose $2.14, or 2.2%, to $99.29. It said oil climbed after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the region, and that Brent was on track for its highest close since May 4.

Reuters quoted PVM Oil analyst Tamas Varga as saying: "Reports of Middle East crude oil exports exceeding pre-conflict levels are more than countered by attacks on ships in the Strait of Hormuz and the Houthi strikes on Saudi Arabia and on its oil infrastructure."