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

financeOct 8, 202622846

Oil prices jumped on Thursday after reports that President Donald Trump was weighing resuming large-scale U.S. military strikes on Iran and amid tanker attacks that slowed flows through the Strait of Hormuz. Brent crude rose as high as $105.92 per barrel and U.S. crude reached $93.20 per barrel; benchmark diesel futures jumped 8% in European trading and heating oil climbed more than 6%. Prices eased but remained up more than 3% after Trump posted on Truth Social that the United States "Will not be attacking Iran at any time prior to the Midterm Elections." Transit through the Strait of Hormuz has plunged from prewar levels to fewer than 23 ships a day from Sept. 28 through Oct. 4, according to MarineTraffic data cited by NBC News. Hurricane Isaias prompted major oil companies to suspend work and evacuate crews from Gulf of Mexico rigs, tightening supply concerns. The 10-year Treasury yield fell to its lowest level since Monday after Trump’s post, while the S&P 500 trimmed losses to 0.2% and the Nasdaq and Russell 2000 traded down about 0.5% and 0.6% respectively. Analysts including Bank of America’s Francisco Blanch have warned Brent could trade in a $95 to $120 range if skirmishes curb flows, with a wider conflict possibly pushing prices toward $150 per barrel; higher heating oil costs would amplify winter bills, which a federal outlook says could rise about 21% for some households.

MeidasTouch
@meidastouch.com

Trump’s GOP is in full-blown midterm panic. Republicans are turning on each other, new polls show Democrats gaining ground, and the scandals keep piling up. Meanwhile, Trump’s Iran war is sending oil prices soaring.

692Yesterday
Integrity counts9

Does anyone else find it odd that, with all the grifting going on in the Trump administration, a woman is the only one being crucified for her quid pro quos? Like, of all the men involved in the Epstein trafficking of girls and young women, the only one in jail is the woman, Ghislaine Maxwell?

Resister2

and the best, is yet, to come. #vote

Mr Bill 😯2

#10-17-26_no_kings #VOTE_EARLY #blueskysocialapp 👈🏼 @mrbill420.bsky.social 👈🏼 #believe_the_victims #pedo_rapist_felon_trump #idaho_gop_are_pedo_supporters

dabxdee.bsky.social2

We're being governed and looted by pathological psychopaths who find joy in harming and killing their own tax paying constituents and their children. Your oppression is their profession... On your tax dollars.

ctrl+alt+RESIST2

Midterm panic, knives out for each other, polls cratering, oil soaring. MAGA was supposed to make them great again. They are eating each other alive instead. Beautiful.

KarHey2

The only difference of what she did compared to trump are the emails. How many tech bros donated a million here or there for a library(?) or ballroom? How were those "deals" brokered?

Scott Horton
@robertscotthorton.bsky.social

A rally in oil prices rippled through global markets, sending stocks lower and whipsawing bonds on worries that higher energy costs will fuel inflation and force the Federal Reserve to boost rates. Brent crude topped $105 as fresh tanker www.bloomberg.com/news/article...

38Yesterday
Alex Papadopoulos
@egeasri.bsky.social

🚛 The best hedge against the next oil shock? Stop buying diesel. Electric trucks turn volatile fuel costs into more predictable electricity expenses. Energy independence isn't just national security. It's smart business. #ElectricTrucks #EnergySecurity www.forbes.com/sites/margoo...?

17Yesterday
Good Trouble
@mikemuld.bsky.social

Dumold Trump received an estimated $201 million from fossil fuel executives and their political action committees during his 2024 campaign. ... Big Oil Companies Report Record Profits Amid High Oil Prices. Wow - what an incredible 'coincidence'. 😉😉 ---

8Yesterday
DianaResists
@dianaresists.bsky.social

In Maine Senate Race, Spiking Heating Oil Costs Put Susan Collins on Defensive. She voted for Trump’s war with Iran that drove up prices. www.nytimes.com/2026/10/08/u...

6Yesterday
Quoting this
Adam Fairlight4

The spiking heating oil costs in Maine could be a strategic misstep for Senator Susan Collins, given her support of the controversial war with Iran in 2024.

Sam DeMeo 🐱🌊♏🌶️🧄🍕🧀📷🏳️‍🌈2

I'd rather it be her scandals and her full voting record that turns people off of her, but at this point I'll take anything.

Mack Butterfield
@mack2114.bsky.social

The nation’s dads are about to exhibit thermostat vigilance unlike anything we’ve ever seen. The US Energy Information Administration projects that home heating oil prices will average $5.26 per gallon this winter, up 34% from the same time last year. www.cnbc.com/2026/10/07/h...

9Yesterday
Mack Butterfield5

It’s getting political. The Trump administration has called for reducing funding for the Low Income Home Energy Assistance Program, which helps low- and fixed-income households shoulder heating and cooling costs, per Axios. Leaders in Maine have called on Congress to increase that funding.

Mack Butterfield2

About 4.1 million US homes use heating oil, with most concentrated in the Northeast. Wars in Russia and the Middle East are pushing the price of distillate fuels—including diesel and heating oil—to levels that have people looking for solutions.

DiveDoc
@divedoc.bsky.social

👀 per CNBC: 👇 * Oil prices jump as Iran steps up tanker attacks, hurricane threatens U.S. Gulf production * www.cnbc.com/2026/10/08/o...

5Yesterday
Matt McNeil Show
@mattmcneilshow.bsky.social

My grocery bill this week, for two people, was $300. Yes, I had to buy olive oil, but still. It's Trump's tariffs. And Trump's diesel prices. President Biden was so much better at this. minnesotareformer.com/2026/10/08/r...

9Yesterday
D B Webb
@dbwebb.bsky.social

Next up, Iran denies any such talks are taking place. Round and round they go. Up and up goes the oil price and up and up go bond yields.

9Yesterday
Jesse Felder
@jessefelder.com

‘Not only are crude oil futures increasingly unreliable as a proxy for genuine supply and demand, they are also no longer useful as a hedge either and further disconnected from the fuel prices that drive inflation.’ www.ft.com/content/5cad...

5Yesterday
Deborah Lynn
@mrsdeborahlynn.bsky.social

www.nbcnews.com/business/ene... Price of oil jumped sharply Thursday, as Trump weighs whether to resume large-scale military operations against Iran in the coming weeks. Brent crude oil rose more than 5% to more than $105 per barrel in early trading.

8Yesterday
Vernors Herzog
@vernorsherzog.bsky.social

going hard on gas prices when your idiot president has single-handedly fucked the global oil market is a wild choice

6Yesterday
Brant Reeves
@bireeves95.bsky.social

It really wouldn’t help much anyway…. Calls for suspending state and federal gas and fuel oil taxes are misguided, especially when Big Oil domestic producers are reaping massive windfall profits, pumping out $25-$60/barrel oil to sell for $90+. Tax windfall profits to lower prices.

4Yesterday
Critical Bill.
@criticalbill76.bsky.social

substack.com/@tritaparsi/... Midterm Downfall. "Have Bari Weiss write why high oil prices are actually a good thing..."

3Yesterday
Scott 🥐🐟📈🦆🏈
@fishecon.bsky.social

Ignoring the politics here for a moment, home heating oil in the northeast is a complicated market. Refineries have choices between producing that or diesel fuel as byproducts from turning crude into gasoline. Dealers in turn offer their customers lock in prices the summer before by buying futures.

4Yesterday
3 sources
ft.comOil prices jump on tanker attacks and slowing flows through Strait of Hormuznbcnews.comOil prices hit $105 and stocks trade lower as Trump considers renewed strikes on Irancnbc.comHome heating oil prices are soaring — and users' winter bills could rise 21%, federal outlook shows

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