Oil Price Nears Yearly High: Is a Stock and Crypto Crash Coming?

Oil is climbing toward its yearly high, and the timing could hardly be worse for financial markets. Wall Street is already struggling, Bitcoin has fallen sharply, and investors now face another threat: a renewed US war with Iran after the midterm elections. Brent crude touched $117.42 per barrel on Friday, October 23, its highest since April. Here are the latest catalysts: The immediate trigger was fresh attacks by Iran-backed Houthi forces on Saudi Arabia. Saudi Aramco evacuated its headquarters as fighting intensified. An oil spill near the United Arab Emirates added to concerns about shipping security. The bigger concern comes from Washington. The US and Israel have reportedly prepared plans for renewed strikes against Iran, potentially targeting energy infrastructure after the November 3 elections.

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