Oil prices hit levels not seen since May

Futures are lower as oil prices reach levels not seen since May amid halting efforts to bring the U.S. and Iran back to the negotiation table. Brent crude, the international standard, rose 1.6% to $114.92 per barrel on Oct. 23. U.S. benchmark crude oil jumped 1.8% to $101.22 per barrel. Gasoline prices in the U.S. are rising again. The national average for a gallon of regular gas rose 2 cents to $4.29 on Oct. 23, according to the AAA, compared with $3.07 a gallon a year ago. Higher oil prices have weighed on stocks. The price for a barrel of Brent crude oil leaped 4% on Oct. 22 and has shot up from less than $97 at the start of the month on uncertainty about when the war with Iran will allow the global energy industry to return to normal. Futures for the S&P 500 fell 0.3%, while Dow Jones futures slid 0.6%. Nasdaq futures dipped 0.1%. Turkey hosted meetings Friday with the foreign ministers of Egypt, Pakistan, Saudi Arabia and European nations — the U.K., France, Germany and Italy — to discuss conflicts in the Middle East and efforts to resolve the Russia-Ukraine war. Exceptionally brisk retail gas increases since AAA snapshot in the early AM hours. OPIS tracks pump prices in real time and here are the moves so far Thursday. Marketer margins are in single digits so more street increases are anticipated. Nat'l $4.2701/gal (Now) $4.285/gal Illinois $4.6697/gal $4.744/gal Michigan $4.6062/gal $4.744/gal Ohio $4.0785/gal $4.327/gal Wisc. $4.2174/gal $4.298/gal — Tom Kloza (@TomKloza) October 22, 2026 Concerns about…

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