Oil Prices Rise as Iran Says Country Ready for 'Asymmetric Warfare'

02:53 PM EDT, 10/23/2026 (MT Newswires) -- Oil prices advanced Friday after Iran declared its readiness for "asymmetric warfare," compounding market supply concerns following reports that Washington and Israel were preparing for fresh strikes post-midterm elections in the US. West Texas Intermediate crude oil gained 3.5% to $102.95 a barrel intraday Friday, while Brent advanced 3.1% to $116.64. Brent is on track for the fifth consecutive weekly gain, while WTI is on course for a third weekly advance. Iran's military is fully prepared for "asymmetric warfare," state-affiliated Tasnim News Agency reported Thursday, citing the nation's army chief. Tehran has drafted plans to target undersea communications cables in the Gulf if US and Israeli attacks resume, Reuters reported Friday, citing two senior Iranian security officials. The developments come as Washington and Israel plan to resume military operations against Iran after the midterm elections in November, The New York Times reported Wednesday, citing sources. "Markets are increasingly worried about renewed escalation in the Persian Gulf, a scenario that could threaten oil flows that have so far remained remarkably resilient," ING Bank said in Friday report. Elsewhere in the Middle East, Iran-aligned Houthi rebels have continued to strike Saudi Arabia, CNBC reported. Brent "is heading for its highest weekly close since June 2022 as attacks on Saudi Arabian infrastructure raise fears of wider Middle East supply disruptions," Saxo Bank said on Friday.