PomegraOil Holds Above $103 on Hormuz Supply Fears
Why did oil jump 4% on Thursday?
Brent crude (BZ=F) rose 4% to $104.28 on Thursday as Iranian attacks on tankers deepened Hormuz supply fears, overriding Trump's pledge not to strike Iran before the midterms.
Key numbers
| Brent crude, Thursday close | $104.28+4% (per [1]) |
|---|---|
| WTI crude, Thursday close | $91.49+3.6% (per [1]) |
| European diesel futures | +6%Thursday per [1]; [4] reports +4.5% Thursday, +6% Wednesday |
| US average diesel price per gallon | $6.28vs $3.68 a year ago |
| Brent crude, Friday | $103.53-0.7% |
| Ships crossing Hormuz daily, Sept. 28 week | Fewer than 23Hundreds a day before the war (per [1]) |
What happened
Brent crude (BZ=F) rose 4% to $104.28 on Thursday as Iranian attacks on tankers deepened Hormuz supply fears, overriding Trump's pledge not to strike Iran before the midterms. Trump said the US will not attack before the Nov. 3 election. Traders stayed worried because the Strait of Hormuz carries about one-fifth of the world's oil. Diesel futures (contracts to buy fuel later) jumped about 6% in Europe. On Friday, Brent slipped 0.7% to $103.53 but was still headed for a weekly gain.
Why it matters
Brent crude, the global oil price benchmark, is staying above $100 even after a promise to hold off on strikes, which shows traders are reacting to real shipping problems. Diesel fuels trucks, trains and ships, so higher prices can push up the cost of food and goods. US diesel now averages $6.28 a gallon, up from $3.68 a year ago. US stocks also slipped Thursday, with the Nasdaq down 1.2%.
Who this affects
- MarketbearishMedium impact
- Stock and oil traders face higher energy costs and swings.
- CompanybearishMedium impact
- Trucking and shipping firms pay far more for diesel.
- CompetitorsbullishLow impact
- Oil producers outside the Gulf may gain from higher prices.
- IndustrybearishHigh impact
- Oil shipping is disrupted and tanker costs have surged.
Brent Crude vs WTI Crude, US Diesel, US Gasoline
| Brent crudeBZ=F | $104.28/bbl | +4% | — |
|---|---|---|---|
| WTI crudeCL=F | $91.49/bbl | +3.6% | — |
| US average diesel— | $6.28/gal | — | $3.68/gal |
| US average gasoline— | $4.36/gal | — | $3.12/gal |
As of 2026-10-08
How we got here
US-Iran war begins, later disrupting oil shipping through the Strait of Hormuz
Reports emerge that the Pentagon is preparing possible strikes on Iran
Trump pledges no attack before Nov. 3; Brent still settles 4% higher at $104.28
Brent slips 0.7% to $103.53 but stays on course for a weekly gain
What to watch
- Whether Iranian tanker attacks continue and how many ships cross HormuzQ4 2026
- Iran's answer to the US proposal on reopening the Strait of HormuzQ4 2026
- US midterm elections, the date Trump tied his no-attack pledge to2026-11-03
Educational content only. Not investment advice.
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