RoydadNaft –  Brent crude futures rose $4.14, or 4.13%, to $102.28 a barrel. U.S. West Texas Intermediate (WTI) crude futures also gained $3.71, or 4.2%, to $91.99 a barrel.

Oil prices rose nearly 4% on Thursday, October 8, 2026, as persistent concerns over oil supplies from the Middle East intensified amid an increase in attacks on ships in the Persian Gulf and the Strait of Hormuz. At the same time, the United States cut some of its oil production as a hurricane approached offshore production facilities.

By 9:00 a.m. GMT, Brent crude futures had risen $4.14, or 4.13%, to $102.28 a barrel. U.S. West Texas Intermediate crude futures gained $3.71, or 4.2%, to $91.99 a barrel.

Chris Beauchamp, chief market analyst at IG, said the approaching storm in the United States, along with an Axios report that Washington was preparing to resume major military operations against Iran, was keeping oil prices above $100 a barrel.

He said the United States was likely trying to increase pressure on Iran to bring it to the negotiating table, but added that the possibility of a new round of strikes could not be ruled out. Investors, he said, were clearly unwilling to take risks.

Reuters was unable to independently verify the Axios report.

Meanwhile, a U.S. official and a Syrian military official briefed on the matter said Syria was considering providing military assistance to Saudi Arabia, a key ally, amid the kingdom’s escalating conflict with Iran-backed Houthi forces in Yemen.

The sources said options under consideration included defensive assistance or the deployment of forces in an offensive capacity to support Saudi-backed Yemeni troops.

Supply Disruptions Persist

Oil prices settled lower on Wednesday, October 7, after the International Energy Agency agreed to accelerate the release of oil stocks and prioritize diesel supplies as governments seek to address record-high fuel prices and supply disruptions caused by the war involving Iran.

However, threats to oil shipping in the Persian Gulf and the Strait of Hormuz have increased. Before the war, the strait carried shipments equivalent to about 20% of global oil and fuel supplies. The rise in threats in October, as the conflict involving Iran enters its eighth month, has pushed oil prices higher.

Attacks on tankers traveling through the strait last week reached their highest level since the war began, even as Gulf producers increased exports.

“The frequency of Iranian attacks on ships is now at the highest point since the war began, and is likely to intensify further,” said Saul Kavonic, head of energy at MST Marquee.

“Constrained product flows, extreme logistics costs and the high likelihood of further escalation by Iran are keeping prices elevated,” he added.

Oil prices are also benefiting from supply curtailments as a hurricane moves toward offshore production areas in the United States, the world’s largest oil producer, forcing companies to shut down production platforms.

Shell and Chevron said on Wednesday, October 7, that they were curtailing offshore operations in the Gulf of Mexico as Hurricane Isaias approached.

According to the U.S. Marine Minerals Administration, Gulf of Mexico oil and gas producers had shut in about 25.08% of current oil production and 16.37% of current natural gas production as of Wednesday because of the storm.

U.S. inventory data, which also supported oil prices, showed that crude stockpiles fell by more than expected, while diesel inventories declined slightly.