Oil prices rally amid escalating tensions between US and Iran

On Thursday, October 8, 2026, international oil prices experienced a sharp rally during morning trading in Asia as geopolitical tensions between the United States and Iran escalated significantly in the Middle East. The price of Brent crude exceeded $102 per barrel, marking an increase of more than 2%, while U.S. West Texas Intermediate (WTI) crude traded at approximately $90 per barrel. Concurrently, natural gas prices in Europe surged, exceeding 80 euros per megawatt-hour, marking the highest level observed in over three weeks.

The market volatility is driven by fears of global supply disruptions. Although regional oil exports have been gradually returning to pre-war levels in recent weeks, the situation remains precarious. Ongoing attacks on tankers within the strategically vital Strait of Hormuz continue to pose a direct threat to maritime security and supply chain stability. Additionally, reports indicate that Houthi forces, supported by Iran, have conducted attacks against targets in Saudi Arabia, which has prompted retaliatory strikes in Yemen. These developments reflect a period of extreme fragility for energy markets, as participants weigh the risk of sustained instability in the region against the gradual recovery of oil export flows.