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Friday, October 23, 2026Updated 19:22 UTC

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$120 Oil Is Almost Here, and Trump Has Few Good Options

Source: OilPrice.com · Oct 23, 2026 16:30 UTC

Oil refinery towers and pipes with a city skyline in the distance — File photo Carol M. Highsmith / Library of Congress · Public domain · Source

The Quick Take

Brent crude nears $120 as escalating Saudi-Houthi tensions fuel another weekly oil price rally, putting fresh pressure on Trump. Friday, October 23, 2026 The slow creep of oil prices towards the $120 per barrel mark is a nightmarish scenario for US President Trump, even though there has been little fundamental change in the crude oil markets. A slight drop in freight rates and a ubiquitous flatten

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