Black gold, red candles: $BTC feels the heat as Brent climbs

Brent crude touched $117.42 per barrel on Friday, October 23, 2026, its highest level since April, as Iran-related tensions returned to a market already under pressure from falling stocks and Bitcoin ($BTC).

Fresh attacks by Iran-backed Houthi forces on Saudi Arabia were the immediate trigger for concern about energy supply and shipping security. Saudi Aramco evacuated its headquarters as fighting intensified, and an oil spill near the United Arab Emirates added to concerns. In Washington, the US and Israel have reportedly prepared plans for renewed strikes against Iran after the November 3 elections, potentially targeting energy infrastructure. The White House says no attack will happen before the vote. Military planning does not guarantee strikes will follow.

The Kobeissi Letter (@KobeissiLetter) wrote on October 23, 2026: “BREAKING: Brent crude oil prices surge above $117/barrel for the first time since March 19th amid fears that the US will renew strikes on Iran. Brent crude oil is now $2 away from breaking above its high of the year. Inflation expectations are pushing higher.”

On Thursday, the Nasdaq plunged 2.6%, the S&P 500 lost 1.2%, and Bitcoin ($BTC) dropped toward $81,400 as crypto liquidations approached $441 million. Concerns over enormous AI spending triggered much of the technology selloff, while rising oil prices added pressure. More expensive energy pushes inflation higher, potentially forcing the Federal Reserve to maintain restrictive interest rates, threatening corporate earnings and making speculative assets such as Bitcoin less attractive.

Friday’s market reaction was mixed, with the Nasdaq recovering slightly while the Dow declined. According to MSCI, US stocks gained an average of 12% in the six months following the past 13 midterm elections. The report said renewed strikes could push oil beyond $120 and toward its yearly peak, raising the risk of another inflation-driven selloff, while de-escalation could ease oil prices and support a recovery. It concluded that the next direction for stocks and crypto may depend more on developments in the Middle East than on who wins Congress.