Brent Tops $105

2026-10-08 10:47 By Joana Taborda 1 min. read

Brent prices topped $105 a barrel on Thursday, reaching their highest level in nearly a month as concerns over supply disruptions intensified.

Reports showed that the White House had asked the Pentagon to draw up strike options against Iran that could be executed before the midterm elections, while US President Donald Trump said on Wednesday that he no longer wanted a deal with Iran.

Also, attacks on shipping in the Gulf and the Strait of Hormuz have intensified, with the Houthis stepping up strikes against Saudi Arabia.

Oil prices also received support from supply disruptions in the Gulf of Mexico, where companies including Chevron and Shell have begun curbing production and evacuating personnel from offshore facilities as Tropical Storm Isaias approaches.

As of Wednesday, around 25.1% of current US Gulf of Mexico oil production and 16.4% of natural gas production had been shut in because of the storm, according to the Marine Minerals Administration.



News Stream
Brent Tops $105
Brent prices topped $105 a barrel on Thursday, reaching their highest level in nearly a month as concerns over supply disruptions intensified. Reports showed that the White House had asked the Pentagon to draw up strike options against Iran that could be executed before the midterm elections, while US President Donald Trump said on Wednesday that he no longer wanted a deal with Iran. Also, attacks on shipping in the Gulf and the Strait of Hormuz have intensified, with the Houthis stepping up strikes against Saudi Arabia. Oil prices also received support from supply disruptions in the Gulf of Mexico, where companies including Chevron and Shell have begun curbing production and evacuating personnel from offshore facilities as Tropical Storm Isaias approaches. As of Wednesday, around 25.1% of current US Gulf of Mexico oil production and 16.4% of natural gas production had been shut in because of the storm, according to the Marine Minerals Administration.
2026-10-08
Brent Jumps on Fears of US-Iran Escalation
Brent prices climbed above $103 per barrel on Thursday, reaching a two-week high following reports that the Trump administration had instructed the Pentagon to develop strike options against Iran that could be carried out before the midterm elections. The development goes against the widely held expectation that President Donald Trump would refrain from escalating tensions with Tehran ahead of the November polls. Meanwhile, oil producers in the Gulf of Mexico shut in more than 510,000 barrels per day of crude output, equivalent to around a quarter of the region’s production, due to Tropical Storm Isaias. In the Middle East, oil exports have been gradually returning to prewar levels in recent weeks, although attacks on tankers in the Strait of Hormuz continued to threaten supply. Iranian-backed Houthis also attacked targets in Saudi Arabia, leading to a fresh wave of strikes by the Riyadh-led coalition against positions in Yemen.
2026-10-07
Brent Crude Dips on Easing Supply Concerns
Brent crude eased below the $101-per-barrel mark on Wednesday, extending a slide from September's two-month peak on signs of easing Middle Eastern supply risks. Saudi Arabia cut official selling prices for its flagship crude grade to $5 below the regional benchmark as tankers were able to depart the Persian Gulf with full cargoes. Evidence of a pickup in export volumes from regional OPEC+ producers coincided with reports that US and Iranian officials were holding talks with regional authorities this week. Further easing supply concerns, Saudi Arabia said its East-West pipeline was operating at full capacity, diverting up to 5.8 million bpd of crude to the Red Sea. Still, shipping costs remained elevated following reported strikes against vessels in the Strait of Hormuz. Stateside, EIA data showed crude stockpiles fell by over 3 million barrels last week, while the Strategic Petroleum Reserve remained pinned near multi-decade lows.
2026-10-07