Brent crude surges past $105 as US weighs Iran strikes and Hormuz attacks spike
Brent crude jumped over 5% to $105.20 on October 8, 2026, driven by reports that the US is preparing potential military strikes against Iran and a surge in tanker attacks in the Strait of Hormuz. Simultaneously, Hurricane Isaias forced the shutdown of over 500,000 barrels per day of US Gulf Coast production. These supply shocks triggered a global sell-off in stocks and bonds, with European and Asian markets falling as inflation fears resurfaced. The International Energy Agency pledged to accelerate the release of 100 million barrels from strategic reserves to mitigate price spikes, though analysts noted this supply was largely already priced in.