Why it matters
- Brent crude futures settled at $104.28 a barrel on Thursday, Oct. 8, up $4.08, or 4.1%, and U.S. crude rose 3.6% to $91.49, Reuters reported.
- Reuters said worries about possible U.S. strikes on Iran, record tanker attacks near the Strait of Hormuz and Hurricane Isaias drove the gain, with about 1.3 million barrels a day of Gulf of Mexico oil output shut in.
- Prices came off their highs after President Donald Trump said talks with Iran were productive and vowed not to attack before the Nov. 3 midterms, according to Reuters.
Brent crude, the global oil benchmark, settled at $104.28 a barrel on Thursday, Oct. 8, up $4.08, or 4.1%, Reuters reported. U.S. West Texas Intermediate crude rose $3.21, or 3.6%, to $91.49. Both contracts were up more than $5 at one point.
Reuters said prices rose on renewed worries about the war in the Middle East and on supply losses from Hurricane Isaias, which is approaching the U.S. Gulf Coast. Brent touched its highest level since Sept. 29 during the session, according to Reuters.
| Benchmark | Oct. 8 settlement | Change |
|---|---|---|
| Brent crude | $104.28 | +$4.08 (+4.1%) |
| WTI crude | $91.49 | +$3.21 (+3.6%) |
Source: Reuters.
Why did oil prices jump today?
Reuters cited three main reasons: worries about potential U.S. strikes on Iran, rising attacks on tankers in and around the Strait of Hormuz, and a hurricane forcing companies to shut offshore platforms.
Attacks on tankers sailing through the strait last week rose to their highest level since the war began, Reuters reported. Before the war, the strait carried shipments equal to about 20% of the world's oil and fuel, according to Reuters. "The frequency of Iranian attacks on ships is now at the highest point since the war began, and likely to intensify further," Saul Kavonic, head of energy at MST Marquee, told Reuters.
How much Gulf of Mexico oil is shut in?
About 1.3 million barrels a day, or 62.9% of current U.S. Gulf of Mexico oil production, was shut in as of Thursday, according to the U.S. Marine Minerals Administration, Reuters reported. Hurricane Isaias is set to make landfall on Friday. Shell and Chevron said on Wednesday they were curtailing Gulf offshore operations, and BP said it had removed all staff and shut production at its Na Kika and Thunder Horse platforms, Reuters said.
What pulled prices off their highs?
Prices eased after Trump said Washington was having productive discussions with Iran and vowed not to attack the country until after the Nov. 3 U.S. midterm elections, Reuters reported. Iran's Tasnim news agency reported that Foreign Minister Abbas Araqchi said Tehran is reviewing the U.S. response to its proposal to reopen the Strait of Hormuz within seven days and would reply within days, according to Reuters.
New U.S. sanctions on Iran's tanker fleet
The Treasury Department said on Thursday it sanctioned 17 companies and 17 "shadow fleet" tankers that carried Iranian crude oil, petroleum products and petrochemicals to markets in South and East Asia. "Treasury is starving the tyrannical regime in Tehran of the money it uses to wage war in the region," Treasury Secretary Scott Bessent said in the release.
Thursday's jump reversed a decline on Wednesday, when prices settled lower after the International Energy Agency agreed to speed up its release of oil stocks and prioritize diesel, Reuters reported. Brent had settled at $100.20 on Wednesday, Yahoo Finance data show.
Earlier coverage: Brent fell below $100 on talk of stockpile releases on Oct. 2. Follow more oil and gas news in our energy section and the wider tape in markets.
Sources
- Reuters, via Central Oregon Daily, Oil rises 4% on revived Middle East worries, Hurricane Isaias supply disruption (Oct. 8, 2026)
- U.S. Department of the Treasury, Operation Economic Outcast Neutralizes Iranian Regime's Remaining Shadow Fleet Network (Oct. 8, 2026)
- Yahoo Finance, Brent crude futures (BZ=F) chart data
