Oil Jumps 4% on Iran Tensions, Gulf Storm Threat
Oil prices jumped as Iran tensions and a Gulf storm threat stirred supply concerns, while Tehran reviews Washington’s response on the Strait of Hormuz.
Oil’s sharp rebound puts fresh pressure on energy markets, with traders weighing the risk of disrupted supplies from both the Middle East and the U.S. Gulf Coast. Brent crude climbed 4.1% on Thursday, October 8, to $104.28 a barrel, while U.S. West Texas Intermediate gained 3.6% to $91.49.
Both benchmarks briefly rose by about $5 a barrel during the session, reaching their highest levels since September 29. The rally followed concern over a possible U.S. strike on Iran and the approach of Hurricane Isaias, which was forecast to affect the Gulf Coast on Friday, October 9.
Iran diplomacy leaves supply questions open
The gains reversed an earlier decline after U.S. President Donald Trump said he was in discussions with Iran and guaranteed there would be no attack on the country until the U.S. midterm elections were over.
Diplomatic developments have yet to settle market nerves. Iran is reviewing Washington’s response to a proposal to reopen the Strait of Hormuz within seven days. Iranian Foreign Minister Abbas Araqchi said he would respond to the U.S. reply, but the source material does not provide a timeline or further details.
The proposed reopening matters to oil traders because it is linked to the resumption of crude flows from the Middle East. Hopes for a diplomatic breakthrough had offered the market a prospect of restored supply. Those expectations now compete with renewed concern over relations between Washington and Tehran.
For consumers and businesses, a sustained rise in benchmark crude prices can translate into higher energy costs. The immediate market concern is whether diplomacy can reduce the risk around supply routes while the storm threat adds uncertainty near a major U.S. producing and refining region.
Earlier price moves show the market’s sensitivity
Reuters, in a report cited by detikFinance, identified geopolitical tensions and the storm threat as drivers of Thursday’s gains. A separate Reuters report cited by Investor.id described an earlier oil rebound when prospects for a U.S.-Iran diplomatic breakthrough faded.
In trading on August 27, 2026, Brent rose 2.1% to $89.70 a barrel, while WTI advanced 1.6% to $83.53. The Wall Street Journal had reported that Trump was not interested in reviving an agreement under a memorandum of understanding with Iran in June. That stance was said to complicate mediators’ efforts to restart talks.
The latest moves again put the focus on Iran’s response to Washington and the potential supply disruption from Hurricane Isaias. Brent ended Thursday at $104.28 a barrel.
Source: detikFinance
