Oil Hits Six-Month High And The Impact Could Be Felt In Many Aspects Of The Economy

What happened: Brent crude oil closed at a six-month high on Friday, October 23, 2026, driven by Middle Eastern supply disruptions and geopolitical tensions. Key numbers: Brent closed at $116.72 per barrel, a 3.1% increase over the Thursday, October 22 close. The International Energy Agency sees no return to pre-war prices in 2027. Why it matters: The S&P 500 remains negatively correlated to oil prices, and most index funds lack sufficient energy exposure to benefit from rising crude. Energy producers and the XLE ETF are positioned to outperform if oil prices remain high.

Brent crude oil closed at a six-month high on Friday, October 23, 2026, driven by Middle Eastern supply disruptions and geopolitical tensions.

The S&P 500 remains negatively correlated to oil prices, and most index funds lack sufficient energy exposure to benefit from rising crude. Energy producers and the XLE ETF are positioned to outperform if oil prices remain high.