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Brent crude briefly climbed above $105 a barrel on Thursday, Oct. 8, 2026, as reports said the White House was weighing military options against Iran. It later settled at $104.28. U.S. benchmark WTI also retreated from its intraday high, while major U.S. stock indexes finished mixed—not in a broad-based selloff. President Donald Trump said later that day the United States would not attack Iran before the Nov. 3 midterm elections.
What happened to oil prices on Oct. 8?
Oil rose during the session as traders weighed the possibility of renewed U.S. military action against Iran, risks to Gulf shipping, and a separate disruption to U.S. Gulf of Mexico production from Hurricane Isaias. Prices eased after Trump’s statement about the election period, but Brent’s closing price remained elevated. These are figures for the Oct. 8 session, not current quotations or a forecast.
| Benchmark | Oct. 8 intraday level reported | Oct. 8 settlement |
|---|---|---|
| Brent, the international benchmark | Nearly $106 a barrel, according to the Associated Press | $104.28 a barrel, up 4.1%, according to Reuters |
| WTI, the U.S. benchmark | Approached $93 a barrel, according to NBC News reporting republished by AOL | $91.49 a barrel, up 3.6%, according to Reuters |
The distinction matters: “oil hit $105” describes Brent’s move during trading, not its settlement. Brent and WTI are separate benchmarks, and their reported intraday levels should not be confused with their closing prices.
Why did oil rise?
Iran and shipping through the Strait of Hormuz
Traders faced uncertainty about whether the United States might renew military action against Iran and how that could affect oil supply and transport. The Associated Press reported that before the war the Strait of Hormuz carried about one-fifth of the world’s oil. It also reported that tanker traffic through the strait remained well below prewar levels after an interim U.S.-Iran agreement signed in June collapsed within weeks amid renewed military action and disputes over control of the waterway.
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Reuters reported that threats to oil shipping had increased during the conflict. Saul Kavonic, head of energy at MST Marquee, told Reuters on Oct. 8: “The frequency of Iranian attacks on ships is now at the highest point since the war began, and likely to intensify further.” That assessment was an analyst’s view reported that day, not a confirmed forecast of future attacks.
Hurricane-related production cuts in the Gulf of Mexico
Iran was not the only supply concern. As Hurricane Isaias approached U.S. Gulf of Mexico production, producers had shut in about 1.3 million barrels per day—62.9% of current Gulf oil production—as of Thursday, Oct. 8, according to the U.S. Marine Minerals Administration, as reported by Reuters. That is a dated snapshot of production shut in at that point, not a final count or a measure of permanent supply lost.
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Oil-stock releases and diesel supply
Reuters also reported that the International Energy Agency had agreed to accelerate oil-stock releases that had already been pledged and prioritize diesel supplies. That was part of the broader supply backdrop; the available reporting does not establish how much each factor contributed to that day’s price move.
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No final decision to strike was reported in the account available on Oct. 8. The Atlantic reported on Oct. 7 that the White House had asked the Pentagon to develop strike options, while also reporting that no final decision had been made. Preparing options for consideration is not the same as ordering an attack.
Later on Oct. 8, Trump posted: “We will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd.” He also said he was having “productive discussions with the Islamic Republic of Iran.” The pledge addressed the period before the election; it did not establish what U.S. policy would be afterward. Brent briefly moved toward $103 after the statement, then rose again and settled at $104.28, so the market response trimmed the day’s peak without eliminating concern.
The Atlantic reported that even advocates of limited strikes did not expect such strikes, by themselves, to restore safe travel through Hormuz or lower gasoline prices before Election Day. That was an account of those officials’ and advocates’ expectations, not a guaranteed outcome.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Did stocks tumble?
Not across the board. U.S. indexes had different closing results on Thursday, Oct. 8. The Associated Press attributed pressure in part to higher oil and technology-stock losses; NBC News also pointed to technology-sector news. The reports do not support treating oil as the sole cause of the declines.
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| Index | Oct. 8 close |
|---|---|
| S&P 500 | Down 0.5%, according to the Associated Press |
| Nasdaq Composite | Down 1.3%, according to the Associated Press |
| Dow Jones Industrial Average | Up 0.1%, according to the Associated Press |
| Russell 2000 | Up less than 0.1%, according to the Associated Press |
The headline shorthand “stocks tumble” therefore describes pressure on some indexes, especially the Nasdaq, but not the full market close. Index results can diverge because they contain different companies and have different sector exposures.
What the session does—and does not—show
The Oct. 8 move shows how quickly oil markets can react when geopolitical shipping risks overlap with a physical production disruption. It does not, on its own, establish that prices will keep rising, that an attack will occur, or that the day’s equity declines were caused by oil alone. The reported price and production figures are tied to that session and its specific events.
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