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Oil Holds Above $105 as Iran Strike Fears Linger
Why is oil above $105 today?
Oil (Brent, BZ=F) slipped 0.9% to $105.69 on Tuesday but stayed above $105 as traders weighed reports Iran is fortifying nuclear sites and threatening wider retaliation if the US strikes again.
Key numbers
| Brent crude settle | $105.69-0.9% on day |
|---|---|
| WTI crude settle | $94.14+0.4% on day |
| Brent vs Oct. 2 settle ($102.25) | $105.69+3.4% in 7 sessions |
| US gasoline average (Oct. 8) | $4.36/galdiesel $6.28/gal |
What happened
Oil (Brent, BZ=F) slipped 0.9% to $105.69 on Tuesday but stayed above $105 as traders weighed reports Iran is fortifying nuclear sites and threatening wider retaliation if the US strikes again. The Wall Street Journal reported that Iran is strengthening defenses around sensitive sites and telling regional officials it would hit back across the Middle East. Some Iranian officials also hinted at land raids into neighboring countries, and Tehran warned Saudi Arabia its oil sites could be targets. President Trump said last week the US will not attack before the Nov. 3 midterm elections, but the naval blockade stays.
Why it matters
Brent crude, the global benchmark for oil prices, feeds directly into what people pay for gasoline and diesel. A new round of US-Iran fighting that spreads across the Gulf could disrupt oil shipments again and push prices higher. In early October, US gasoline averaged $4.36 a gallon and diesel $6.28. Prices have stayed high even with talks of more Russian diesel supply.
Who this affects
- MarketmixedMedium impact
- Oil traders face swings; fuel buyers face higher costs.
- CompanyneutralLow impact
- No single company; oil producers gain, fuel users lose.
- CompetitorsmixedLow impact
- US crude (WTI) trades about $11.55 below Brent.
- IndustrybearishHigh impact
- Shippers, airlines and drivers face risk of costlier fuel.
Brent Crude vs WTI Crude, Natural Gas
| Brent crude ($/barrel)BZ=F | $105.69 | -0.9% |
|---|---|---|
| WTI crude ($/barrel)CL=F | $94.14 | +0.4% |
| Natural gas ($/MMBtu)NG=F | $3.32 | +4.9% |
As of 2026-10-13
How we got here
Trump says no US attack on Iran before Nov. 3 midterms; blockade stays; Brent ends at $104.28.
Brent closes the week at $104.72, up about 2.4% from the prior Friday.
WSJ reports Iran is fortifying nuclear sites and warning of regional retaliation.
Brent settles at $105.69 as Houthi-Saudi clashes and Hormuz tanker risks persist.
What to watch
- US midterm elections, after which Trump's pledge not to strike Iran no longer applies.2026-11-03
- Any new tanker attacks near the Strait of Hormuz or Houthi strikes on Saudi oil sites.2026-10-14
- US September inflation (CPI) report, which tracks fuel costs (per).2026-10-14
Educational content only. Not investment advice.
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