Oil prices surge following reports of potential US strikes against Iran

On October 8, 2026, international oil prices experienced a sharp rise exceeding 5%, driven by mounting tensions between the United States and Iran. By midday, Brent crude reached $105.30 per barrel, while U.S. WTI crude rose to $92.80 per barrel. Concurrently, European natural gas prices surpassed 80 euros per megawatt-hour, marking a three-week high.

The market volatility follows reports from The Atlantic and Axios suggesting that the White House has requested the Pentagon to develop options for military strikes against Iranian targets. Sources indicate these actions could occur before the U.S. midterm elections on November 3. Although no final decision has been made, potential operations may include large-scale bombardment of Iranian energy and nuclear infrastructure.

This escalation coincides with ongoing instability in the Middle East. Despite a gradual recovery in oil exports, shipping remains threatened by attacks on tankers in the Strait of Hormuz. Additionally, Iranian-backed Houthi forces have targeted Saudi Arabia, prompting further retaliatory strikes in Yemen. Market participants remain anxious as the threat of significant supply chain disruptions persists amid these geopolitical tensions.