Crude Oil Eases from Session High

2026-10-08 17:29 By Andre Joaquim 1 min. read

Crude oil eased to $91 per barrel on Thursday from $93 earlier in the session, as US President Trump downplayed the prospect of an imminent strike on Iran that would re-escalate the conflict in the Middle East.

The US president signaled that discussions with Tehran were productive and that the US would not strike Iran before the midterm elections early next month.

Still, crude held firmly above the one-month low touched yesterday, as attacks on laden tankers in the Persian Gulf halted the nascent recovery in exports from GCC members.

On top of that, supply disruptions emerged in the Gulf of Mexico, where Chevron and Shell began curbing production and evacuating offshore personnel as Tropical Storm Isaias approached.

As of Wednesday, roughly 25.1% of US Gulf oil production and 16.4% of natural gas output had been shut in.

Earlier data from the EIA showed that the US Strategic Petroleum Reserve fell further, approaching multi-decade lows.



News Stream
Crude Oil Gains on Renewed Supply Disruptions
Crude oil prices rose toward $91 a barrel in a volatile session on Thursday as Iran ramped up attacks on tankers transiting the Strait of Hormuz and Hurricane Isaias threatened US offshore production in the Gulf of Mexico. Nine tankers have come under attack in and around Hormuz over the past week, jeopardizing the recent recovery in crude oil flows through the strait. About 9.5 million bpd exited Hormuz in the week ended Tuesday, around 30% below normal levels before the Iran war. In the Gulf of Mexico, oil companies have shut in about 500,000 bpd, or 25% of offshore production, as Hurricane Isaias moves toward the Alabama, Mississippi and Florida Panhandle coasts. Prices had earlier retreated from session highs after US President Donald Trump said the US would not attack Iran before the November midterm elections. Earlier reports indicated that Trump and his national security team were considering renewed strikes in the coming weeks.
2026-10-08
Crude Oil Eases from Session High
Crude oil eased to $91 per barrel on Thursday from $93 earlier in the session, as US President Trump downplayed the prospect of an imminent strike on Iran that would re-escalate the conflict in the Middle East. The US president signaled that discussions with Tehran were productive and that the US would not strike Iran before the midterm elections early next month. Still, crude held firmly above the one-month low touched yesterday, as attacks on laden tankers in the Persian Gulf halted the nascent recovery in exports from GCC members. On top of that, supply disruptions emerged in the Gulf of Mexico, where Chevron and Shell began curbing production and evacuating offshore personnel as Tropical Storm Isaias approached. As of Wednesday, roughly 25.1% of US Gulf oil production and 16.4% of natural gas output had been shut in. Earlier data from the EIA showed that the US Strategic Petroleum Reserve fell further, approaching multi-decade lows.
2026-10-08
Crude Oil Soars
Crude oil topped $92.6 a barrel on Thursday, before easing to the $90 mark as signs emerged that a revival in shipping through the Strait of Hormuz may be short-lived. A tanker was hit by multiple projectiles north of Qatar on Wednesday, causing casualties, while last week tanker attacks in the Strait reached their highest weekly level since the war began, according to maritime security sources. Meanwhile, it was reported that the White House had asked the Pentagon to prepare strike options against Iran that could be executed before the midterm elections, while US President Donald Trump said he no longer wanted a deal with Iran. Adding to upward pressure, supply disruptions emerged in the Gulf of Mexico, where Chevron and Shell have begun curbing production and evacuating offshore personnel as Tropical Storm Isaias approaches. As of Wednesday, around 25.1% of US Gulf oil production and 16.4% of natural gas output had been shut.
2026-10-08