Oil prices jumped on Thursday as fresh tensions between the United States and Iran, attacks on oil tankers and a drop in U.S. production raised new concerns about global supplies.
Brent crude rose to $104.36 a barrel on Thursday, October 8, 2026, up 4.15% from the previous day, according to the CFD benchmark tracked by The High Street Journal.
The price is now up 3.11% over the past month and 60.01% compared with the same period last year.
The latest increase follows reports that the Trump administration has asked the Pentagon to prepare possible military options against Iran that could be carried out before the November midterm elections.
Reuters reported that no decision to launch an attack had been made, but the reports have added to concerns that the conflict could widen and put more oil supplies at risk.
Tanker attacks add to concerns
The worries are not only about what could happen between the U.S. and Iran.
Attacks on ships carrying energy products through the Gulf and the Strait of Hormuz have also increased.
Reuters reported that at least 12 attacks, attempted attacks or other incidents involving tankers carrying oil, liquefied natural gas and liquefied petroleum gas were recorded between September 28 and October 5.
That was the highest number recorded in a single week since the U.S.-Iran conflict began.
The Strait of Hormuz is particularly important because it is one of the world’s main routes for moving oil. Before the conflict, shipments through the waterway were equivalent to about 20% of global oil and fuel consumption.
A tanker north of Qatar was also struck by multiple projectiles, according to the United Kingdom Maritime Trade Operations agency.
These incidents are making it more difficult and risky for ships to move oil through the region, even as Middle Eastern exports have started recovering.
U.S. oil production also takes a hit
The supply concerns have been compounded by disruptions in the United States.
Hurricane Isaias has forced oil companies to shut some offshore production in the Gulf of Mexico.
About 511,619 barrels per day, or roughly a quarter of current Gulf of Mexico oil production, had been shut in as of Wednesday, according to U.S. government data cited by Reuters.
The shutdown is temporary, but it comes at a time when the global market is already dealing with disruptions in the Middle East.
U.S. oil stocks fall
There was also some support for prices from the latest U.S. inventory figures.
U.S. crude oil inventories fell by 3.2 million barrels in the week ended October 2, reaching 424.1 million barrels.
That was the opposite of what analysts had expected. A Reuters poll had pointed to an increase of about 1.7 million barrels.
U.S. crude exports also increased during the week, while refineries processed more crude.
Middle East supplies are recovering
The latest price increase comes despite signs that Middle Eastern oil supplies are gradually returning to normal.
Crude exports from the region have recovered towards pre-war levels, with Saudi Arabia also increasing the amount of oil it can move through its East-West pipeline to the Red Sea.
The pipeline is important because it allows Saudi Arabia to move oil to the Red Sea without sending it through the Strait of Hormuz.
The problem is that the recovery in production and exports does not completely remove the risks facing the market.
Ships still face attacks in the region, while the possibility of a wider U.S.-Iran conflict could disrupt supplies again.
Governments are also releasing oil and fuel from emergency reserves to help cover some of the supply gap.
For now, the market is being pulled in two directions: Middle Eastern oil flows are recovering, but rising security risks around Iran, the Strait of Hormuz and U.S. production are putting fresh pressure on supplies.
That has pushed Brent back above $104 a barrel, after prices had fallen earlier in the week.
