$120 Oil Is Almost Here, and Trump Has Few Good Options
Global oil prices are nearing $120 per barrel due to escalating Saudi-Houthi tensions and supply disruptions in Libya. The situation creates significant economic pressure for the Trump administration as energy costs rise globally.
Why it matters
Rising oil prices threaten to increase inflation and complicate geopolitical stability, particularly as Europe faces a difficult winter with high gas prices.
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 flattening of backwardated curves lowered differentials of most grades globally, offsetting some of the pressures coming from higher crude benchmarks. Be that as it may, an escalating Saudi-Houthi conflict paved the way for another 4% weekly gain, with ICE Brent trading around $117 per barrel. First Russian Diesel Cargo Heads for New York.
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