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Traders monitor financial screens in Seoul as oil prices climb
Photo: Euronews

Oil Jumps to $104 After Iran Strike Options Report

Euronews (with AP)2 min read4 sources

Why is oil up today?

Oil (Brent crude, BZ=F) jumped nearly 4% to about $104 a barrel on Thursday after The Atlantic reported the White House asked the Pentagon for Iran strike options before the midterms.

Key numbers

Brent crude$103.91+3.7%
WTI crude$91.41+3.45%
Bitcoin$82,733-1.25%
US 10-year yield5.31%+2 bp
Crypto bets wiped out$550Mleveraged positions

What happened

Oil (Brent crude, BZ=F) jumped nearly 4% to about $104 a barrel on Thursday after The Atlantic reported the White House asked the Pentagon for Iran strike options before the midterms. Officials said the size and targets of any strikes are still being discussed. Brent traded at $103.91, up 3.7%, and US oil (WTI) rose 3.45% to $91.41. Stock futures, which are bets on where US shares will open, fell, and Bitcoin slipped below $83,000. The 10-year US Treasury yield, a key borrowing rate, was 5.31%.

Why it matters

Oil feeds into gas, flights and shipping costs, so a jump to about $104 a barrel can raise prices for households and companies. The report suggests the US could escalate the Iran war before the November midterm elections, which worries traders about Middle East supply. Higher prices and borrowing costs have also pushed stocks and Bitcoin lower. No final decision on any strike has been reported.

Who this affects

Marketbearish
Medium impact
Stock and crypto holders hurt as oil and yields rise.
Companymixed
Medium impact
Oil producers gain, while fuel-heavy firms face higher costs.
Competitorsbearish
Low impact
Bitcoin and Ethereum slip as investors avoid risk.
Industrybearish
Medium impact
Drivers and airlines face higher fuel costs; inflation worries grow.

Brent Crude vs WTI Crude, Bitcoin, Ethereum

Brent crudeBZ=F$103.91+3.7%
WTI crudeCL=F$91.41+3.45%
BitcoinBTC$82,733-1.25%
EthereumETH$2,556-1.00%

As of 2026-10-08

How we got here

  1. The Atlantic reports White House asked Pentagon for Iran strike options before the midterms.

  2. Brent jumps over 4% early Thursday to above $104 a barrel.

  3. Bitcoin falls below $83,000; $550 million in leveraged crypto bets wiped out.

  4. Axios reportedly says Pentagon told Central Command to finalize Iran combat preparations (per).

What to watch

  • Whether the White House or Pentagon confirms any decision on Iran strikes.2026-11-03
  • US midterm elections, the deadline for the reported strike options.2026-11-03
  • 10-year Treasury yield, near 5.3%, as oil and inflation worries build.Q4 2026

Educational content only. Not investment advice.

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