Trump says US may launch another Iran operation as Brent oil hits $117.27

US President Donald Trump said at a rally on 23 October 2026 that the United States may carry out another operation against Iran. Earlier the same day, Reuters reported that he is weighing a quick end to the war against letting the conflict 'wither'. Oil prices rose sharply, with Brent crude reaching $117.27 a barrel, its highest level since May.

What happened

According to Reuters, Trump is considering two paths for the Iran war: ending it quickly, or allowing it to fade out over time. Later on Friday, he told supporters at a rally that the US 'may do another operation' against Iran, calling it 'another little Epic Fury'. He also mentioned Cuba in the same remarks. According to investingLive, Trump had recently said there would be no attacks before the US midterm elections. The rally comments therefore added uncertainty about what Washington plans next.

Oil prices react

Oil markets moved quickly on the prospect of fresh strikes. US crude, known as WTI (West Texas Intermediate), rose $4.21 to $103.74 a barrel, investingLive reported. Brent, the international benchmark, reached $117.27, its highest since May. Oil had already been climbing over the previous two days, as traders priced in the risk of renewed military action.

1. 1New strike threatsTrump hints at another operation
2. 2Escalation risk risesTraders price possible wider conflict
3. 3Oil prices climbBrent reaches highest since May

Tensions around the Strait of Hormuz

Shipping risk is also part of the picture. On Friday, Iran's Islamic Revolutionary Guard Corps (IRGC) navy said two very large oil tankers had hit sea mines. It said the ships were using a passage in the south of the strait that Iran had not approved, and that the incident led to blasts and fires. This claim has not been independently confirmed in the sources we reviewed. The Strait of Hormuz is a key route for global oil supplies, so any disruption there matters for energy prices. It comes after Houthi attacks on Saudi Arabia earlier this week, which also pushed oil higher.

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Regional reactions and why markets watch it

Turkey warned that a renewed attack on Iran would widen the conflict and said diplomacy is the only way forward, Reuters reported. For traders, the main question is whether the conflict escalates or moves toward an end. Either outcome could affect oil supply expectations. Higher energy prices can also feed into inflation worries, which central banks follow closely. That is why oil, currencies of energy importers and broader risk sentiment often react to news from the region. We will keep following official statements from Washington and Tehran.

Sources: Reuters, investingLive.