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Oil Prices Jump Above $100 on Tanker Attacks and Iran Tensions

financeOct 8, 20265094

Brent crude jumped above $100 on Thursday, rising as high as $105.92 per barrel, while U.S. crude reached $93.20 per barrel amid reports that President Donald Trump was weighing whether to resume large-scale U.S. military operations against Iran. Benchmark diesel futures climbed about 8% in European trading and heating oil rose more than 6%, reflecting concerns about refined product tightness. Traders also reacted to reports of Iranian proxy attacks on commercial shipping and a sharp fall in traffic through the Strait of Hormuz, where daily transits averaged fewer than 23 ships from Sept. 28 through Oct. 4. Hurricane Isaias prompted major oil companies to suspend work and evacuate crews from several Gulf of Mexico rigs, tightening near-term supply. After Trump posted on Truth Social that the United States would not attack Iran before the midterm elections, oil prices cooled but remained up more than 3% on the day, bond yields fell and U.S. equity losses narrowed with the S&P 500 trimming its decline to about 0.2%. Market analysts warned that further escalation or damage to energy infrastructure could push prices substantially higher, with Bank of America noting Brent could trade in a $95 to $120 range if skirmishes continue and spike toward $150 in a broader conflict.

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