# Brent crude tops $111 as US and Israel reportedly plan new Iran strikes; what it means for petrol in Pakistan

Source: Searchable (https://searchable.pk/news/markets/brent-crude-tops-dollar111-as-us-and-israel-reportedly-plan-new-iran-strikes)
Type: News article
Author: Searchable Editorial
Published: 22 Oct 2026
Updated: 22 Oct 2026
Retrieved: 25 Oct 2026

> Oil rose nearly 3% on Thursday after reports of renewed strike plans and a US order for staff to leave Saudi Arabia.

Brent crude rose 2.68% to **$111.74 a barrel** on Thursday morning (6:30am New York time, 3:30pm in Pakistan), and US benchmark WTI gained 2.21% to $99.30, CNBC reported, as markets reacted to reports that the United States and Israel are preparing fresh strikes on Iran. Earlier in the session Brent traded above $112.

## Why oil jumped on 22 October

- **Iran strike plans:** The New York Times reported, citing unnamed US officials, that the US and Israeli militaries have drawn up specific plans for renewed strikes on Iran after next month's US midterm elections, with planning for a "short but intensive" operation under way.
- **US staff ordered out of Saudi Arabia:** The State Department has ordered non-emergency government employees and their families to leave Saudi Arabia. Spokesman Tommy Pigott said the order applies only to Saudi Arabia and cited rising attacks by the Iran-aligned Houthis on civilian targets.
- **Attacks inside the kingdom:** This comes a day after the attacks on Dammam airport and Shaybah, in which a Pakistani worker was among the injured ([our report](/news/world/dammam-airport-attack-kills-one-injures-eight-as-us-orders-staff-out-of-saudi)).

Any threat to Saudi output or Gulf shipping lanes moves the price of every barrel Pakistan buys, because most of the crude oil and much of the fuel Pakistan uses is imported, largely from the Gulf.

## What it means for petrol prices in Pakistan

Pakistan's petrol price does not follow Brent day by day. The government and Ogra set the retail price on a review schedule, using the import cost of refined petrol and diesel (not Brent directly), the exchange rate and the petroleum levy. So a jump today shows up, if it lasts, in the next official review rather than at the pump tomorrow.

The numbers to watch on our pages:

- **PSO's ex-depot Karachi price**, which changes most days, stood at **Rs 379.31 a litre for petrol** and Rs 390.11 for diesel on 22 October: see [petrol price today](/data/petrol-price) and [diesel price today](/data/diesel-price).
- **The rupee:** the interbank dollar is at Rs 276.86 on our [USD to PKR page](/data/usd-pkr). A steady rupee softens part of an oil rise; a weaker one adds to it.

To see what a move would do to your own spending, put your daily distance and car's average into the [fuel cost calculator](/tools/cars/fuel-cost-calculator).

## The wider view

David Wagner of Aptus Capital Advisors told CNBC that "$100 oil today is very different than $100 oil 20, 30 years ago" for American households, because petrol takes a smaller share of their income. That is less true in Pakistan, where fuel and transport costs feed quickly into food, fares and electricity bills, and where the IMF this week warned of rising inflation risks from the Middle East conflict ([our report on the IMF outlook](/news/economy/imf-sees-13percent-contraction-for-middle-east-north-africa-and-pakistan-region)).

## Frequently asked questions

**What is the Brent oil price today?**

Brent crude was $111.74 a barrel at 6:30am New York time on 22 October 2026, up 2.68%, according to CNBC; WTI was $99.30.

**Will petrol prices in Pakistan rise because of this?**

Not immediately. The official petrol price is set at the government's periodic review from import costs, the exchange rate and the levy, so a sustained rise in oil would show up at the next review.

## Sources

- Brent crude tops $111 on Middle East worries as U.S., Israel reportedly weigh fresh Iran strikes (CNBC): https://www.cnbc.com/2026/10/22/oil-prices-today-wti-brent-saudi-arabia.html

How to cite: "Brent crude tops $111 as US and Israel reportedly plan new Iran strikes; what it means for petrol in Pakistan", Searchable, 22 Oct 2026, https://searchable.pk/news/markets/brent-crude-tops-dollar111-as-us-and-israel-reportedly-plan-new-iran-strikes