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2026/10/23

MEDIA ADVISORY: Madrid Global Obesity Summit 2026 - The High-Level Session: Call for Action and Press Conference, Wednesday, 28 October

Oil prices rise as global stocks wobble on AI fears | Business Today

Plus: the rest of this morning's headlines
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Price of oil rises as fresh wave of selling hits AI stocks | The Guardian

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Business Today - The Guardian
A crude oil tanker.
23/10/2026

Price of oil rises as fresh wave of selling hits AI stocks

Plus: UK consumer confidence, energy costs, Elon Musk

 
 
 

The agenda

Oil prices are rising again. Brent crude, the international benchmark for oil, is up 1% this morning to $114 a barrel.

Richard Hunter of the broker Interactive Investor said that oil is now up by about 60% since the start of the Iran war, and up about 90% in the year so far.

He said: “Widespread reports that the US is considering renewed military strikes on Iran after the midterm elections rather than pursuing a diplomatic route was enough for the price to pop, after what many had considered would be a brief conflict is now in its eighth month.”

A fresh wave of selling hit AI stocks around the world overnight, as investors grow increasingly anxious around the sustainability of AI-fuelled returns.

The Japanese and South Korean stock markets, which have been buoyed up by their exposure to the AI investment boom, fell before recovering some ground to trade broadly flat on the day.

In the US the blue chip S&P 500 fell by 1.2%, its worst performance since July, and the tech-heavy Nasdaq dropped by 2.6%, its biggest drop since June. The Philadelphia semiconductor index fell by a painful 6.7%, also its worst day since June.

Retail sales in Great Britain fell by ⁠0.4% in September, compared with expectations of a drop of 0.1%.

An unseasonably warm start to the autumn weighed on ⁠online clothing vendors, ⁠and ​supermarkets also reported a drop in volumes, official figures showed.

Economists are warning there could be more gloom ahead for retailers as they enter into the crucial final quarter of the year – which includes Christmas.


Today’s key events

• 9am BST: flash PMI for eurozone
• 9.30am BST: flash PMI for UK, construction statistics for Great Britain 2025
• 11.30am BST: Russia’s interest rate decision
• 3pm BST: flash PMI for US, University of Michigan’s US consumer confidence index

We’ll be tracking all the main events throughout the day on our business live blog …

 
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