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$120 Oil Is Almost Here, and Trump Has Few Good Options

OilPrice.com23 October 2026, 16:30 UTCYemen

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…

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