<p>Brent crude rises to $114.72 a barrel after Tehran threatens retaliatory attacks on Gulf oil and tech facilities</p><ul><li><p><a href="https://www.theguardian.com/business/live/2026/oct/23/global-stocks-fall-ai-fears-grow-british-retail-sales-fall-business-live-latest-news">Business live – latest updates</a></p></li></ul><p>Oil has hit its highest level in more than five months as fears of fresh escalation in the Middle East conflict grip the energy markets.</p><p>Brent crude, the international benchmark for oil, rose by 1% on Friday morning to $114.72 a barrel – its highest level since May.</p> <a href="https://www.theguardian.com/business/2026/oct/23/oil-five-month-high-fears-us-renews-strikes-iran">Continue reading...</a>